There is good news finally regarding our wilting real estate market. Homes are selling again!

It may be hard to believe, but we actually have multiple offers on properties.

Rates are low and so are prices. In the past, low interest rates caused a rise in real estate prices, so even though rates were affordable, the houses were not. Lenders kept finding new ways to package loans so that buyers could afford to pay those prices for a short time – at least long enough to qualify. This caused real estate prices to keep rising until the point of the famous ¨Bubble Burst.¨

Then came interest rate adjustments and the rest is history.

Low Prices, Low Interest! Now is your time. Thirty-year fixed rates are hovering in the mid-5 percent range, and the Federal Housing Authority (FHA) has come out with some new products and revived some old ones such as Nehemiah.

Prices in Sacramento have declined so dramatically that there are homes that were at one time selling in the $600,000 now selling in the $300,000 range.

Buyers have begun to recognize this combination of low rates and prices and have started shopping. We are getting multiple offers on properties.

For everyone, this is a great time to buy.