According to the National Association of Realtors the housing affordability index has hit a new high. This index shows the relationship of median home prices to wages and interest rates. With prices down and interest rates around 5%, we are at a terrific position to have a great spring and summer market. We also need to remind people that have not owned a home in the last three years about the first time home buyers incentive of up to $8,000! This only lasts until December 1st, so don't delay. Contact a Legacy Professional today.

Accordint to Bankrate.com, the state average for a 30 year fixed rate mortgage dropped below 5% to 4.93%. Freddie Mac says that this is the first time since 1965 that the national average has been this low. What an incredible opportunity to buy. With prices in our area at historic lows, amazing interest rates, and a greaty selection of homes, it is a fantastic time to buy. Call a Legacy Professional today!

It looks like the tax incentive may already be having an impact. Inquiries are up in our office and pending sales are the highest they have been in months. We will keep you posted on movements in the market but we continue to see signs of encouragement! Please let us know how we can serve you.

Ah the sun is shining and sales are up. It looks like it is going to be a much better year in real estate in our local market. Interest rates are low, prices are low, and the selection is good. In fact, according to the National Association of Realtors, we have the most favorable combination of home prices, mortgage rates, and family income since tracking started in 1970!

The proof is in the numbers that are coming out already. Our pending sales are the highest they have been in over 5 months in Fenton, Lake Fenton, and Linden school districts. More importantly, there are more than twice as many as the same time last year...not bad for a frigid January!  Since these are contracts written but not closed sales, these are the best indicator of the weeks and months to come. This is a great time to buy or to move up. So if you are thinking about making a move, contact a Legacy Professional today!

Keep your eyes on the legislation being debated in congress. The house version of the stimulous bill would eliminate the requirement to re-pay the tax credit of up to $7,500. The senate is proposing up to $15,000 as a tax credit and opening it up to any purchaser....not just a first time home buyer (see earlier in this blog for more information on the current rules). Tax changes always have winners and losers but one thing is certain; offering a huge gift to anyone who buys a home, will certainly encourage more people to get into the market. If these new rules take effect, it should help stabilize our prices. For those thinking about investing for re-sale, it should mean more potential buyers down the road.

There are so many exciting investments that have been selling in our area. We have sold several homes for $40,000 or less! Right now there is a government owned (HUD) home in Fenton for $28,000! Call a Legacy professional today to learn more about this property and the advantages of investing in real estate.

We just closed a townhouse in Linden for $29,000. The investor used a home equity line so he had no out of pocket expense- just using the banks money. His payment for principal and interest is less than $150 and he is paying less than $250 for taxes and insurance. He already has it rented for $650 per month, so if he keeps it rented for the next 12 months without any major repair expenses he will net - pre-tax -an additional $3,000! Sounds like a great investment to me! Call a Legacy Professional today to get started investing in your future.

The investment opportunities out there are amazing. We have sold several properties in the Fenton, Linden, and Lake Fenton areas for $40,000 or less! These prices at todays interest rates will allow a person to own a home for less than the cost of rent. For a list of properties that meet your requirements, contact a Legacy Professional today!

Conditions are absolutely ideal for purchasers of real estate in our area. Inventory is excellent. Interest rates are around 6%. And prices have not been better in real terms in many years. And in spite of what you might hear in the media, banks and mortgage companies are anxious to write new loans. For todays buyer the world is your oyster!

Even sellers have some good news in our area. Although prices have fallen significantly, the number of sales are encouraging. In the last 45 days in Fenton, Lake Fenton, and Linden Schools, there have been 80 closed sales. During this same time last year there were only 73 closings. It appears that prices may have fallen enough to attract more buyers and sellers into the market. It is too early to tell if we have "turned the corner" but it is nice to have encouraging news for a change.

We are continuing to grow in spite of the market. Our listing closed year to date in Fenton, Lake Fenton, and Linden school districts are up 30%! We also continue to gain experienced agents from other companies. We now have twice as many agents as when we had just 3 years ago. With more agents, more listings, and none of those pesky additional fees the other companies are charging, it is a great time to by from a Legacy Professional. Call us today!