Spring Has Sprung!

Remember last March when we got all of that snow? I think it was like the 4th snowiest March on record. This March, nothing, as the month came in like a lamb and may go out like one as well!

On the real estate front, interest is picking up around our CENTURY 21 Town & Country Troy office. Our 80+ agents in Troy, including me, are being kept hopping by a huge increase in phone calls over the past 3 weeks, people wanting to look at houses! There's been a similar increase in home showings in March. So there is a pent up demand out there. Here in Troy though, in February, the median sales price was 170,000, compared to about 220,000 in February, 2008. That's not unusual though for this time of year, as the higher priced homes, that will bring the median sales price up, don't usually come on the market until April, even May. That's why it's best to get your home on the market now, to avoid the rush. Yes, sales prices are down considerably from where they were 3 or 4 years ago, but you're also going to get a nice bargain on the new home you buy!

The last I checked on Thursday March 19, 30 year, fixed rate mortgages were running at about 5.50% with a 720 credit score and no points with a 20% downpayment. With a point, that rate was down to 4.75% with the 720 credit score and 20% downpayment. An FHA 30 year fixed rate mortgage, with a 620 credit score and 3.5% down, was running at 5.75% with no points, 5% with one point. For all of the latest on mortgage rates and for the best advice and service possible, give my pal Dave Tumey of Cambridge Mortgage a call, at 248-526-2210!

Another good point to make on the housing market is, with these rates, you can't miss! People have been buying up foreclosed and bank owned homes and that market is starting to deplete, which means that the time is coming, when buyers will have to stop looking at foreclosures and bank owned properties and start looking at good, solid private owned homes! IT WILL HAPPEN!! Oh, and happy spring!