Time is Ticking … Just Not as Fast as it Seems in Surprise

As I sit here, the clock atop the scoreboard at Surprise Stadium is in its own little world. One minute ago it was 1:35. Now it’s 1:50. All the while, it’s 11:44 a.m.

Though something in the machine clearly is screwed up the overall theme isn’t … the clock is ticking.

If you’re looking to take advantage of the Homebuyers Tax Credit, either the $8,000 or $6,500 version, you have ten weeks left to be under contract – it’s April 30th or bust (unless NAR and others are successful in their push to continue the program another several months – let’s hope they aren’t.)

If you’re looking to take advantage of very low mortgage interest rates, the clock is ticking. Uncle Ben Bernanke is on record as saying the Fed will stop purchasing mortgage backed securities at the end of March. Which means rates should start creeping up in advance of that date since mortgage rates float based on supply, demand and market conditions. Expectations of higher rates can cause those higher rates to occur, in other words.

For those waiting for prices to drop, if you’re also financing, your purchase may end up being more expensive in the near future even if prices decline slightly simply because of the change of interest rates. It’s just that simple.

The clock is ticking … it’s now 2:25 according to Surprise Stadium and 11:47 elsewhere in the Valley … will time run out on you?

[tags]Phoenix real estate[/tags]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.