Reply With QuoteYou may have gotten lucky today, 8/17, the fed just dropped the prime interest rate. Going to be a buyers market soon...
I am looking at a new house in Temecula. The builder has come down on the price - total amount unknown but about 5-10k in the last 2 weeks.
Now they are offering 60k off the price (incentives) in addition to the price reductions.
Good time to make the jump?
Oh yah, I can use the 60k to reduce the price or use 50k (price reduction) and then they will make the 1st 6 months payment on the new house. In that case I will either put my current house on the market or rent it out for a year.
You may have gotten lucky today, 8/17, the fed just dropped the prime interest rate. Going to be a buyers market soon...
As long as it's not an investment and a place to live.
You should wait another 18 months. It will get better.
You may have gotten lucky today, 8/17, the fed just dropped the prime interest rate. Going to be a buyers market soon...
its only the discount rate that was dropped.. not the prime rate, thats different.
WASHINGTON (AP) The Federal Reserve approved a half-percentage point cut in its discount rate on loans to banks Friday, a dramatic move designed to stabilize financial markets roiled by a widening credit crisis.
The decision means that the discount rate, the interest rate that the Fed charges to make direct loans to banks, will be lowered to 5.75 percent, down from 6.25 percent.
The Fed did not change its target for the more important federal funds rate, which has remained at 5.25 percent for more than a year. Friday's move was not expected to have an immediate impact on consumer borrowing.
as far as buying a house now.. i would wait a bit longer unless you have to get into something soon.
I am looking at a new house in Temecula. The builder has come down on the price - total amount unknown but about 5-10k in the last 2 weeks.
Now they are offering 60k off the price (incentives) in addition to the price reductions.
Good time to make the jump?
Oh yah, I can use the 60k to reduce the price or use 50k (price reduction) and then they will make the 1st 6 months payment on the new house. In that case I will either put my current house on the market or rent it out for a year.
Sounds like a good deal to me, make sure the loan you get makes sense and the 10K if the builder make the first six mortgage payments (is that up to the 10K or 6 months period - with having the first month off makes it 7 months)Assuming this is the builders lender, get a fixed low rate that you can handle after the first six months
I would wait another 6-18 months unless the home is perfect and your init for the long haul.
You could loose quite a bit of equity before the market rebounds.
I am looking at a new house in Temecula. The builder has come down on the price - total amount unknown but about 5-10k in the last 2 weeks.
Now they are offering 60k off the price (incentives) in addition to the price reductions.
Good time to make the jump?
Oh yah, I can use the 60k to reduce the price or use 50k (price reduction) and then they will make the 1st 6 months payment on the new house. In that case I will either put my current house on the market or rent it out for a year.
Whats the price on the home? 60k on a 300k home is a lot better then 60k on a 1.3 mil home. Just don't use the 60k for upgrades or for buydowns on the rate because then you will only see a small portion of that since they will pad it.
The 60k off is for basically all of the homes.
With the 60k, the house comes to 389,900, but has a 1.7% tax rate.
Yes, I plan on living there for a long time.
Ofcourse there is always a catch - the lot is smallish at 5500 sq. ft., and yes they have one with a larger (11,000 sq. ft.) lot at 414k with the 60k off.
I want the bigger lot - but it mean more taxes since the price is higher.
But as I stood around the sales office, nearly everyone walking in asked about lot sizes.
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