November 2 2009

Homebuyer Confidence Hits High As Interest Rates Remain Low

by jeb

Low home interest rates, in conjunction with the U.S government's resoundingly beneficial tax credit, has made this one of the best times to buy a brand new home in what seems like a long time. No one's going to argue that the past year hasn't been rough, especially when it comes to the buying and selling of real estate, but many indicators are pointing to the idea that things are starting to look up, and one can hardly look past how big of an impact the current low home interest rates are having on new homes for sale. Though for roughly the last eight years interest rates have been relatively affordable in their own right, the current rates are still noticeably low by recent standards. Frankly speaking, this is a great time to buy a new home!

One great example is what has been happening in the Bay Area recently. Spurred on by low mortgage rates, the housing market has undergone a resurgence, and with all of the current incentives at the moment, prospective homebuyers are pursuing their dreams of brand new homes with more confidence and more enthusiasim, no longer as feaful of ending up with a bad deal. According to Carolyn Said,  staff writer at the San Francisco Chronicle,  7,879 new and resale houses, and condos changed hands in the Bay Area this past September, up 8.4 percent from September 2008, according to MDA DataQuick, a San Diego real estate research firm.

And in what could be good news for prospective new home buyers, the United States senate is currently floating around the idea of extending the governemnt tax credit until June 30th, of 2010, meaning that even more people will have the chance to take advantage of this great new home-buying incentive.  It is important however to keep in mind that interest rates will not be this low forever, and if anything has been shown to be true this past year, the market can fluctuate rapidly and without hesitation, so prospective new homebuyers are strongly urged to not wait until it is too late to take advantage of these amazing new home-buying incentives when looking in to new homes for sale.

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