Michael Sells The Bay

In case you have been living in a cave somewhere in the South Pacific, INTEREST RATES ARE GOING UP! Now that the Feds are done propping up the mortgage rates to provide incentives for home buyers, we have just within the last few days seen the rates for a 30 fixed go up from 5.04% to 5.31% on a National Average. Experts are now stating that within the next 12 months we can expect to see this same rate move to 6% or more. With the big push for buyers to take advantage of the tax incentives from the State and Fed this month, is it no wonder that so many homes for sale are seeing multiple offers and those that are NOT short sales are often selling for over ask price. This is clearly a mixed market and with more foreclosures and REO's coming on the market in the next 6 months, it will be interesting to see how the market shakes out. Now more than ever, if you think you want to buy - CALL ME TODAY, as time is no longer on the buyers side!