Forcast 2009: Your Home
The credit crisis is taking a toll on the real estate market across the country, but what is in store for 2009. Tips for buying or selling your home over the next year, while the credit crisis is still present.
Forget the old saw that all real estate is local. What’s pummeling housing prices in your nabe is the same thing that’s hurting them around the country: the credit crisis.
You know the drill - banks’ troubles have made it harder for many home buyers to get mortgages, and those who do qualify have to pay more. A borrower with good credit and a 20% down payment recently got charged an interest rate of 6.7%, on average, according to HSH Associates.
It’s true that this rate is not historically high (rates often surpassed 9% in the early 1990s). But it’s more than the 6.2% that the same borrower would have paid at the beginning of 2008.
Jimmy Rex was the Keller Williams Regional Rookie of the Year in 2006 and sold more than 100 homes.