Recession or Recovery?

Thursday, June 4, 2009:

Do you think most Americans are more likely to buy a home toward the end of a “recession” while prices and interest are at their lowest point, or wait until they’re sure the recession is over and recovery has begun before buying? Please send us your comment as either “recession” or “recovery”. We want to know what YOU think!

Are you aware that financing is still available for land buyers? Several lenders in our area have told us they stand ready to make land loans. The minimum down-payment we are seeing from commercial banks ranges from 25%-30%. These banks generally prefer a 10-year term, with some going out as far as 15 years. Another lender, Carolina Farm Credit can loan up to 85% for up to 20, and occasionally 25 years.

If you answered “recession” to my first question above, don’t let concerns about financing hold you back. Some property owners are also beginning to offer various forms of “owner financing” which do not include the usual bank fees. If in doubt, ask me!

Want to know where I think we are right now in the “recession” vs. “recovery” cycle? Here’s a clue: in April we had 3 times more phone calls and land showings than in February. What do you think?