Interest rates are dropping to record lows and now, more than ever, is a great time to consider buying real estate and/or refinancing.  Let me just update you on some of the changes in real estate for 2009:

Interest rates are fluctuating, daily, and are heading down towards 4.5%.  Last December, the interest rate fell to its lowest level in 28 years – 4.5%.  This month it has been fluctuating between 4.7% to 5.0% and is expected to go back to 4.5% by the end of the month or early February.  The government has set aside $5 billion dollars to buy mortgages to bolster the housing market and started buying last week.  When have we seen interest rates this low, along with such aggressive housing prices?  What a great opportunity! 

The most popular loan product right now and offering the best rate is the FHA loan. (Federal Housing Administration).  This is a government backed loan.  The new maximum mortgage limits for FHA loans are:

One-Family       Two-Family      Three-Family      Four-Family

  $592,250            $758,200            $916,450           $1,138,950

The down payment required for an FHA loan is 3.5% (was 3% last year).  This would equate to a maximum purchase price of approximately $614,000 for a single-family residence. The downpayment can be gifted from a family member or known source.  FHA loans will consider "less than perfect" credit scores. This is a great opportunity for everyone, especially first-time homebuyers.

If you have been thinking about buying real estate, now is the time to stop thinking and take some action.  Let's meet to discuss your goals and come up with a plan. 

If you are thinking of selling, I have a comprehensive marketing plan designed to sell homes in this market.  Properties with the proper staging, effective marketing, maximum exposure and aggressive pricing are selling.  I am available to talk with you anytime.  Just call my cell - 707-363-2894.