Sitting on the Fencepost
I was listening to associate broker Rey Post the other day, talking about his aunt Hazie giving him advice as a youth when he had tough choices to make. Aunt Hazie would say, ” If you sit on a fence too long, you are bound to get splinters!”
Listen to your mentors, Santa Fe Buyers. Now is your time to act because of: – moderate pricing – historic low interest rates – seller flexibility – excellent inventory.
How long will these prime Santa Fe real estate conditions last?
Jim Gay, of Superior Mortgage Services notes that when rates are this low, 30yr at 4.625%, there is definitely only one direction for them to travel and that is up.
Jim also points out other factors that will force mortgage rates up: foreign buyers of US Treasuries demand higher yields. Federal Reserve becomes concerned about inflation. When business and individuals understand the affects of new congressional legislation and taxes affect upon us all.
Also keep in mind, the government now charges new closing fees to cover new liabilities with: Fannie Mae, Freddie Mac, and the foreclosure environment around the United States. Further, there are new stringent financing rules requiring larger down-payments and lower debt rations. Perversely, this lowers Buyer’s purchasing power! What the hell is our government thinking???
Santa Fe Real Estate Buyers must never forget that Santa Fe is a bubble market within the US real estate market. Santa Fe market trends indicate market growth and stabilized pricing. According to Santa Fe Association of Realtors, total gross sales in Santa Fe city and Santa Fe County increased 40% in 2nd Quarter 2010 versus 2nd Quarter 2009.
Take advantage now to put your financial world in a stronger position. If you are considering a home purchase, do not wait another month or else you might suffer some financial splinters from fence sitting too long.
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