New Orleans Condo-Buyers Delight! Rates drop and sellers are more eager to sell!

     The interest rates have dropped since the take over of Freddie Mac and Fannie May.  The takeover and the slowing economy are bringing rates down.  What does this mean for you and your note.  If the rates drop .5% you are looking at saving $33 per 100k on what you borrow.  If you were looking at borrowing 200k you can save about $75 on your note in the past week alone.  This is $900 per year in interest savings.  Its like a $12,000 reduction in the price of the home or condo in terms of your note.  I have have no idea as to how long these rates will hold.  Good time to think about it however.

     At the same time sellers who have had their condos or homes listed over the summer are getting ready to take a lower offer as the seasonal effects of real estate will take effect now.  Throw in a Hurricane and sellers become ready to strike a deal.  This bodes well for the buyers.  Its bodes especially well if you have the loan ready to go with a well thought of lender.  Get qualified and start looking as there are some good deals in all price ranges.  Much has not changed since 2005 and expectations are for steady prices.

    The seller may also be getting a good deal on his next purchase and just wants to move on.  These are the sellers that buyers need to look for.

     First time buyers can still get a tax credit of  $7500.

Uptwon New Orleans Condos-Water Lilies

 Pic nik is a very easy program for pictures.   Check out as it is a great free tool you can use to enhance your photos.  This took me about 3 minutes to frame and etch in a name.  Just a tidbit to pass along.  The basic version is free.  You keep the original photos and make changes on line before downloading.  Always amazed how many free and useful things you can find on the Internet.

     View other related articles. Sellers Motivations , New Homebuyers tax credit , To Buy or to rent.

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA