Well…. Kind of…. Same old, same old as they used to say. For the most part, this year will be very similar to the previous year with a few exceptions. So, what are the exceptions you say? I believe there will be new incentives from the companies that lend the money! Years ago, there were a good number of first time home buyer programs. I think they are on their way back, just in a new package. I believe there will be a combination of… help with down payment and… incentives to lower the interest rate (or something new). We may also see a resurgence of the Adjustable-Rate Mortgages (ARM). But for right now, the start rate on an ARM is higher than the 30 year fixed rate, so, it doesn’t make sense to have an ARM until the start rate on the ARM is lower than a 30 year fixed rate.
Also, we may see more home sellers help with buyers closing costs and interest rate buydowns but that will only happen if the housing inventory stays the same or increases. For now, we are still in a housing shortage.
Fun Facts: There will be 5 Wednesday‘s, 5 Thursday’s and 5 Friday’s this month. Jan. 6th is the Epiphany, Presidential inauguration and MLK day will be on the 20th of Jan and 2 of my favorites (jk) National Pie Day = Jan 23rd and National Croissant Day = Jan 30th. And 2 special days, Jan 8th is my Wedding Anniversary (42 years) and Jan 11th is my B-Day.
