Clovis Real Estate | Clovis Homes | Clovis Realtors | ClovisExperts.com

Clovis real estate in Clovis CA and Clovis Homes

Clovis Real Estate News

February 17th, 2010

Clovis Homes – Buy Now or You’ll Be Sorry

Clovis ca homes for saleClovis Homes – Should You Buy Now or Wait?

Should you buy a Clovis home now or wait a few more months to see what the market does?  We get asked this question a lot.  Every Clovis home buyer is different so won’t give a one-size fits all answer.  But here’s why we think if you don’t buy a Clovis home soon, you may be sorry later.

Clovis Homes – #1 Reason to Buy ASAP!

If you’re in the market to buy a new Clovis home, here are 3 reasons why now is a fantastic time to buy:

  1. According to CNNMoney, homes in the Fresno / Clovis area are undervalued,
  2. The federal government is giving away free money in tax credits, and
  3. Interest rates remain low, and

So which of these reasons is the the #1 reason to buy a Clovis home now?  Here’s a hint, it’s NOT because the $8,000 first-time home buyer tax credit (or the $6,500 repeat home buyer tax credit) is ending this spring.  Yes, these are great incentives.  The #1 reason to buy a Clovis home now is because of this:

“April 1 will be the first day that the Federal Reserve will end its debt purchase program and allow the struggling U.S. mortgage market to operate unassisted. As a result, the Fed believes mortgage rates will rise about three-quarters of a percent to about 6 percent,” Boston Fed President Eric Rosengren said recently.

Why should you care if the Federal Reserve ends it debt program?  Here is the projected economic impact if you DON’T buy a Clovis home before April according to the Fed:

  • If you buy a $200,000 Clovis home with a FHA loan and put 3.50% down your monthly payment will increase by $93 a month or $1,120 a year!  That’s equal to eating out 4 times a month at Chili’s using their 3 Courses for $20 Menu.
  • Your monthly payment increase is 8.6%, this is equal to every home seller in the country raising their prices by 8.6%!  Yikes!
  • Finally, if your debt-to-income ratios are really tight, your pre-approval for a Clovis home price of $200,000, just got decreased to $182,800.
  • Or if your pre-approval is good for a price of $175k, it just got decreased to $159,950.
  • Or if your pre-approval is good for a price of $150k, it just got decreased to $137,100.

So, how do you avoid this from happening to you? First, you could hope or pray that the Fed will extend their purchases of mortgage bonds. Second, you could buy a Clovis home BEFORE the Fed’s purchase plan expires on March 31st.

It’s your choice.  But don’t say we didn’t warn you for what’s right around the corner for Clovis housing homes.  Be smart.  Buy before interest rates climb.

Let’s Go House-Hunting!

Get Your FREE List of Clovis Homes

For a FREE List of Clovis Homes Fill Out the Form Below

  1. (required)
  2. (valid email required)
  3. (required)
 

Clovis Real Estate − "The Clovis Home Experts"

Like What You're Reading?
Why not Subscribe?

Enter your email address below to recieve future articles.



This entry was posted on Wednesday, February 17th, 2010 at 3:58 PM and is filed under Buyer Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Clovis Real Estate – The Clovis Experts