Buy Now...Mortgage Fees Go Up in April

Buyers are purchasing now to beat the April deadline for increased mortgage fees on Fannie Mae and Freddie Mac backed loans. Currently 90% of new home loans are guaranteed by these two government controlled mortgage buyers.

Although interest rates will remain low for some time according to the latest reports, sometimes the fees can make a big difference in the amount of cash required to close an escrow. My recommendation is that if you are on the fence, this is a good time to jump off and do something now.

My observation and comments about the real estate market gradually turning around was confirmed this week as information released by NAR showed that home sales rose 2% in January of this year. This means that the number of signed contracts in January is the highest it has been in 2 years. Although this recovery is and will continue to be slow, I think we can all agree that it is nice to be pointing in the right direction at last.

Activity in our local CA Central Coast market is already showing a shortage of lower priced homes with many properties receiving 5 or 6 offers on the same day. Buyers who thought they were making s good offer are losing out on the deals because someone else is coming along and making a better offer, often at the asking price and sometimes even higher when a bidding war breaks out. Yes, techically, it is still a buyer's market, however, we can't ignore the facts. This type of situation is typical before prices begin to rise upward.

The truth is that If the property is priced right and marketed properly, it is going to sell in today's market. Don't let anyone tell you that nothing is selling because that is simply not true. My advice is to get your information from a good reliable source and don't depend on the opinion of your neighbor, fellow worker and especially the news channels to make your most important financial decisions. I know that sounds elementary, but that is exactly what I find most people do.

I have found that thr biggest enemy of success is fear of risk and ultimately failure. Don't let the fear monster hold you back! Knowledge is power and you may be surprised that when you connect with a true professional and get good sound advice and create a plan, how easy it becomes to fulfill your dreams and accomplish your goals.

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA. You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: http://www.signatureproperties1.com/. We always enjoy hearing from you!