Finance Tip of the Day

Sunday, March 29, 2009

My last post discussed the weather and the expectation that things would improve. We have, in the last week written three offers which resulted in us having competing offers. This definitely indicates a strengthening of the market. Rates are now at an almost unbelievable 3.82% for a 5 year fixed mortgage. This is a rate that hasn't been seen for 50 years. Cheap money!!
There are still many signs of difficult economic times, however not all markets are suffering to the same degree. Imagine living in Windsor where it is now possible to buy a home for as little as $25,000.00. The only problem with that is that the economy in Windsor is very dependent on the auto sector and we all know what is wrong there!! Let's hope the government and the unions figure out how to keep the big 3 in business.

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