Should you wait?
1. The conforming loan limits have gone up from 419k to 729k.
Conforming loans, which are loans for $729,000 or less, come with a much lower interest rate vs. the Jumbo loan, or any loan above $729,000.
2. Many sellers are desperate.
This is sad but true. Buyers can find some great deals right now from desperate sellers or bank owned properties. Regardless of a seller's desperation, prices on houses have fallen considerably in the past 2 years and if you want to take advantage of it and build your equity, you'll need to jump into the real estate market.
3. Those who try to time the lowest part of the market usually tend to 'miss' it.
The real estate market started declining in the Fall of 2005 but no one realized it until the Fall of 2006. The same will be true for the up-turn in the economy and those buyers who are trying to time the market and buy at the lowest part typically tend to miss it.
4. Interest rates are still very low...
Interest rates for the month of May in the following years:
2007 6.26 2006 6.60 2005 5.72
2004 6.27 2003 5.48 2002 6.81
2001 7.15 2000 8.52 1999 7.15
1998 7.14 1997 7.94 1996 8.07
1995 7.96
1990 10.48
1985 12.91
1980 14.26
Don't miss your chance to build your personal wealth through real estate. Now is the time to buy at a great price because this is YOUR market.
Monday, May 5, 2008
Can You Lower Your Annual Property Taxes?
Possibly...
Depending on when you bought your house, your local tax assessor might deem its value as less than what you paid for it, which means you could be paying less in your property taxes next year.
For example, if you bought your house 2 years ago for $500,000 but you're noticing that your neighbors, who have comparable houses, are selling for less than $500,000, you will want to call the tax assessor's office to see what can be done about lowering your property taxes since there is a good chance that your house is worth less than what you paid.
For Monterey Peninsula residents, your tax assessor is Steve Vagnini (831) 784-9537. If you call his office directly, they'll send you the paperwork to see if you qualify.
Good Luck!
Depending on when you bought your house, your local tax assessor might deem its value as less than what you paid for it, which means you could be paying less in your property taxes next year.
For example, if you bought your house 2 years ago for $500,000 but you're noticing that your neighbors, who have comparable houses, are selling for less than $500,000, you will want to call the tax assessor's office to see what can be done about lowering your property taxes since there is a good chance that your house is worth less than what you paid.
For Monterey Peninsula residents, your tax assessor is Steve Vagnini (831) 784-9537. If you call his office directly, they'll send you the paperwork to see if you qualify.
Good Luck!
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