If you are one of the MANY buyers sitting on the fence waiting for values to go down even further, the link below is a must read. Fact is, if interest rates go up even just half a point, any potential gain in lower property values will be eaten up by higher payments. A payment increase of just $50 a month will cost you an additional $78,000 over the life of the loan. Now, consider what will happen if we lose Freddie Mac and Fannie Mae as this article suggests we might. This could lead to changes that will mean more expensive mortgages, with higher fees and, probably, higher interest rates, larger down payments and, in the near term, fewer lenders to choose from.
This unfortunately doesn't only affect buyers, but sellers as well. Tougher and more expensive mortgages will lead to fewer homes selling which will increase supply in a market in which there is already an abundance of inventory. More supply leads to lower prices.The bottom line is if you are buying, buy now and if you are selling, now is the time because it will more than likely be much tougher to sell in the future. Search the entire Tampa Bay MLS for FREE just like I do as an Agent here:
http://tampabayarearealtor.listingbook.com/

Read more: http://www.smartmoney.com/personal-finance/real-estate/why-you-should-buy-that-home-now-1297456803897/#ixzz1EcwERneA

Manuela "Mandy" Woodrum, ABR®
Realtor since 1982
Future Home Realty
13045 W. Linebaugh Ave Suite 102, Tampa, FL 33626
Direct Line: 727-580-0845
Specializing in First Time Home Buyers, REO's, Relocations & Military Relocations