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Buying In Today's Market

1. Interest rates on long-term, fixed, and adjustable mortgages are at historically low levels. The rate on a 30-year, fixed mortgage is hovering just below 6 percent, while, by comparison, interest rates were hitting 8 percent and higher during the last market downturn in the late 1990s, and were between 10 and 12 percent at the height of the last housing boom in the 1980s. Lower interest rates make it easier to qualify for a loan, and your monthly payments are more affordable.

2. No one can put a price on the intrinsic value of homeownership. Home prices also reflect financial worth and, the good news is, across California the median sales price for a single-family home has been consistently rising for several decades. The projected median home price for a single-family home in California in 2008, for example, is $553,000. By comparison, the median price in 2000 was $241,350; $193,770 in 1990, and $99,550 in 1980. (source: C.A.R.) Also, "The percentage of households that could afford to buy an entry-level home in California stood at 33 percent in the fourth quarter of 2007, compared with 25 percent for the same period a year ago", according to a report released 2/19/2008 by C.A.R..

3. The length of time a home remains on the market before it is sold has increased from roughly two weeks in 2004 to between eight and nine weeks in 2007. With more homes on the market for longer periods of time, you have more choices when it comes to selecting a home today.

4. The multiple-offer frenzy that dominated the latest housing boom has subsided, and there is less pressure on today’s home buyers to outbid one another. REALTORS® in California reported that in 2007 only 28 percent of homes sold had multiple offers, compared with 57 percent in 2004. (source: C.A.R.)

5. The credit industry crisis that has made securing a home loan difficult for many has led to heightened scrutiny of mortgage lenders. As a result, state and federal agencies have created protections for home buyers that were not in place a year ago.

Buying a home in today’s market may be challenging, particularly for those with credit problems or little saved to put toward a down payment. But there are many factors impacting the current housing market that make buying a home today a viable option.

the above article courtesy of California Association of Realtors.

Paris MacIVOR View Map
Phone: 661.284.5430
Direct: 661.400.3680
E-mail: paris@paris911.com
 
Connor MacIVOR
Phone: 661.284.5429  
Direct: 661.400.1720
E-mail: connor@paris911.com  
   

 
Paris911® with RE/MAX of Santa Clarita  
25101 The Old Road & 27720 Dickason  
Santa Clarita-Valencia, CA 91381-91355  
Fax: 661.284.5431  
   

 

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Paris & Connor MacIVOR Paris911 with RE/MAX of Santa Clarita
Paris MacIVOR: 661-513-4620 DRE License # 01256647
Connor MacIVOR: 661.284.5429 DRE License # 01238257
Fax: 888-484-7748
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RE/MAX of Santa Clarita
Paris 911 & Associates

25101 The Old Road, Suite 201, 203 & 205
Santa Clarita, CA 91381
RE/MAX of Valencia
Paris 911 & Associates

27720 Dickason Avenue
Valencia, CA 91355
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