Happy New Year!

It is almost the New Year!!!! Wow...this year has gone by quickly....and holy cow...what a year it has been. To you and yours all the best for the Holiday Season and the New Year!

The year has produced some big challenges as well as opportunities. Certainly more challenges await us all...and frankly I am thankful for each....they make us stay sharp and get better...(however I think we could all use a bit of a break from the number of them).

Yes.....there are opportunities right now....and some are pretty unusual...and probably will not be re created or present themselves again any time soon.

I keep saying this...and will do so probably until I can not say it anymore.....If you are thinking about buying a home....any home...used or new....now is the best time to do so..... If you know anyone who can, is thinking about...or should consider buying...now is the time to encourage them to do so. Why?

Affordability of real estate is outstanding...arguably best ever levels.....As David Crowe, Chief Economist for the National Home Builders Association stated in the December 09 edition of Builder Magazine ( see www.builderonline.com )"the fall of interest rates has increased affordability significantly even if incomes have not changed significantly.....at current interest rates, a one-quarter percentage point change in mortgage interest rates has about the same impact on affordability for the median priced new home as a $6000 change in the mortgage amount". He goes on to say "The NAHB- Wells Fargo Housing Opportunity Index (HOI) is a more sophisticated measure of regional or across-time housing affordability. The HOI measures the share of recently sold homes that the (a) household with median income can afford......The national index averaged 60 between 1992 and 2002....before dropping to a cyclic low of 40.4 in the third quarter of 2006...reflecting the rapid rise in house prices relative to incomes (at that time).......Since the beginning of 2009...the index has risen to over 70...as both house prices and interest rates have fallen significantly...the current record high HOI is further confirmation that affordability is at its best in recent history".

Add the governments incentive (home buyers stimulus) and a first time buyer can gain a $8000 tax credit....and an existing buyer can gain a $6500 credit ( see www.newhometaxcredit.net for program details ) and the incentives become more pronounced!

For the above reasons, and others I have stated during the year (see www.eastbrookhomes.com/promotions/buynewbuynow.html )....now is a great time to buy a home. Do not miss out...or let those you know who may be able to take advantage of the opportunity....miss out....it is a great time to buy.

Have a happy Holiday....and a great new year!