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Why NOW is a good time to buy Real Estate, especially in southeastern PA

November 28, 2007

pattyportrait-reduced2.jpg    With the bad news in the media about the housing market, many sellers are afraid their home is not going to be worth very much.  Scared sellers tend to be more willing to negotiate a lower price.  Despite the subprime mortgage “crisis,” a great many mortgage companies are still doing business and more than willing to part with their money!  Rates are hovering around 6% (our mortgage affiliate is offering 30 year fixed rate mortgage today at 5.909%), which is an excellent historical rate and 100% financing is still available for the qualified first time homebuyer.  The mortgage scare of recent months is based on the now discontinued practice of some “over zealous” lenders to give mortgages to folks who 1) really couldn’t afford it and/or 2) without adequate warning about the need to plan for the adjusted rate increase in monthly payments.  For anyone caught in this vice, reality is certainly painful.  However, fewer folks are involved than the media would have us believe.   And in the Delaware Valley, our market is much more stable than in some areas.  Geographic locales that had exceptional escalation in past years are feeling this cut much more deeply than we are.  These include Florida, Arizona and California, among others – and only certain parts of those states are dramatically affected. 

A buyers’ market is when there is more inventory with stable or slightly lower prices and available financing.  That is exactly where we are today!  Give me a call if you want to investigate real estate further!

Patty Cunningham, ePro, SRES, ABR, AHS
Coldwell Banker Preferred
office: 610-429-4400
direct: 484-881-6051
cell:    610-659-4669

Oh, by the way…  I’m never too busy for one of your referrals!  


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