Printer-Friendly
Email this Story
Post a Comment (0)
Now could be the time to buy a home
The old adage “There’s no time like the present” might not first come to mind when looking at today’s national housing market. But according to some real estate industry experts, these homespun words of wisdom are quite appropriate upon a closer look. They point out these favorable factors that can contribute to making this, for many consumers, a most opportune time to buy a home:
• Inventory is up. When the market is hot, new listings can’t replenish the supply of homes fast enough, and that works in the sellers’ favor. In today’s market, the opposite is true, providing more choices for buyers.
• Sellers are motivated. Homes that in a hot market would have been snapped up in days are now lingering unsold for weeks, even months. Factor in bank-owned properties due to the recent and unfortunate spike in foreclosures, and buyers find themselves in an advantageous negotiating position they haven’t enjoyed for years.
• Interest rates are down. Recent cuts in the prime rate by the Federal Reserve have sparked drops in interest rates. While banks have tightened lending requirements in the wake of increased loan defaults, home buyers with few credit problems qualifying to purchase a home they can afford should still have little trouble securing favorable financing terms.
What’s more, a market climate like this especially favors buyers who don’t need to sell another property before their purchase, buyers like first-timers and those looking for a second home. This tilts the scale even more toward many buyers.
Regardless of the situation, for every buyer, the key is to work with a real estate professional who knows the local market and specializes in buyer representation.
-- Courtesy NAPSI
You must be logged in to post a comment.