Wash Post: Why This Autumn is a Great Time to Buy

Interesting article from the Washington Post. I think that we are seeing increased confidence due to some of the recent moves by the Treasury and strong signs of stabilization around the country. The 5 worst markets that are driving the national issues will likely take longer to recover but places like Denver are seeing a turn. In Steamboat we are seeing people with strong interest beginning to move more decisively to take advantage of the increased selection. YTD our dollar volume is still equal to 2006 which was a record year that was up over 30% but we are behind 2007 when things went crazy.

In Steamboat we generally are late to follow national downturns and among the first to come back. In most investments time is more important than the exact timing and I am seeing savvy people around town moving on quality properties. Give me a call if you would like a deeper understanding of what is going on here in Steamboat.

Why This Autumn is a Great Time to Buy
Washington Post 9/12/08

This fall could be a particularly great time for first-time or buyers long out of the market to jump in, say a variety of real estate professionals.

Here are the reasons why:
* Prices are probably as low as they are going to go as the market stabilizes thanks to the government takeover of Freddie Mac and Fannie Mae.
* Interest rates are likely to decline as Freddie and Fannie get government help.
* The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It's going to take some of that back come Jan. 1, when the loan limit will shrink to $625,500.

Also in today's Washington Post: Mortgage Rates Drop Below 6%
For the first time since early spring, mortgage rates have fallen below the 6-percent threshold. Freddie Mac reports that 30-year fixed loans came in at an average of 5.93 percent this week, down from 6.35 percent a week ago and 6.31 percent at the same time last year. "Consumers see a five in front of mortgages, and they get excited," says Keith Gumbinger, a vice president at research firm HSH Associates.

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