Everyone is talking about the decline in the housing market in the month of May. Of course there was going to be a decline, the tax credit FINALLY ended! Folks were not sure what was going to happen with the market, so they took a break. But I have to tell you, business is picking up and I see it getting stronger as the months go on.
I say don't worry about the real estate market too much, it will work it's way back. But any purchase being made today will payoff down the road. 30 year fixed rates are low, all time low, and housing prices are down. Does anyone smell it besides me...Equity!
The new trend in five years, when all these first time buyers start buying their move up house, will be assumable mortgages. Why? Assumable mortgages will be all the rage in five to seven years, because the interest rates will be low on the FHA Loans being used right now. It will be a cheap way for buyers to buy a home, because we can not expect the interest rates to stay low forever!
Look at the present to see the future, and follow the trends. BTW stainless steel is a fading fad, I will tell you why at a later date! Stay tuned.
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