Those Who Wait Will Pay Thousands More This Spring!

Here's why:

1. The deadline for the Home Buyer Tax Credit is April 30th, 2010. This is $8000 for a new homebuyer and $6500 for current homebuyers moving up.
2. While rates are still at historic lows, the Federal Reserve Board has repeated in many published reports that they will not remain there forever.
3. On April 5th, the cost of required up-front mortgage insurance (UPMIP) for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with an FHA loan, with a $7000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount, so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower by the up-front and monthly.
4. Later this spring, if FHA's new regulations go into effect, "seller concessions" will more than likely be reduced from 6% to 3%. The reduction in these "seller concessions"can increase the amount of cash a buyer wil be required to pay at closing.

When you combine the lower rate with the tax credit, you see that the homebuyers stand to gain between $13,500 and $16,000 on a home in the mid $200K's price range. That is a huge incentive for homebuyers to act now, while the incentives still exist.

$100,000 Price Range is Red Hot in 2010 Fresno Real Estate Market!

I just listed this house in Fresno for $99,800 and WOW! was I amazed at all the action I am receiving. After 3 days I have 7 offers, and most are well above the asking price. Located at 2973 E. Norwich, the home is 3 bedrooms, 2 Baths and in clean condition. I wish I had many more in this price range right now. I have notified all offerors to make their "highest and best" offer. We have set a deadline for friday 2/5/2010 at 10AM as the deadline for offers. After that, we will review all offers and be making a decision before the weekend. To see more information about this home visit http://www.fresnohomes.net/ and click on "Featured Listings" for complete details on this great buy.