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Here are ten reasons why buying and owning a home now is a good idea.
We found a great PDF over at the Illinois Association of Realtors web site, outlining 10 important facts you should know about the real estate market in Illinois. Without further delay:
1. There is no such thing as a national real estate market. What happens in Las Vegas…well, as far as the housing market there, yes, it tends to be very different than Illinois. Real estate markets are local, so don’t get too concerned about what’s happening outside of where you are selling (and want to buy). Pay attention to local pricing trends, volume movements and changes in inventories, rather than misleading news headlines about national sales trends.
There is one thing for sure that came from the federal government coming to the rescue of Fannie Mae and Freddie Mac -- a bit of much-needed market stability.
According to a story broadcast yesterday on National Public Radio’s Marketplace show, the federal government takeover of mortgage giants, Freddie Mac and Fannie Mae, has resulted in at least one short-term positive — a drop in mortgage rates, making it a lot more attractive to buy a house this week than it has been recently.
Since the announcement late Sunday, the rate on 30-year fixed mortgages dropped a half point on Monday and have been falling ever since. While no one knows for sure what the eventual long-term cost or outcome of the federal government’s decision will be, it seems that the concensus is that the move has given the market some well-sought stability, at least this week.
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