People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you're daring enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.
Attractive Pricing
If there’s a silver lining to the recession and the housing downturn, it’s that home prices more affordable. Prices in some areas have moderated significantly, especially in major markets where they increased the most during the housing boom that occurred in most
of the country.
Low Interest Rates
Like inventory and pricing, mortgage interest rates are still at very favorable levels, but rates are sensitive to market forces and can change quickly. There’s no indication that rates will suddenly surge upward, but even a slight rate increase can push monthly payments to the point that a buyer might miss out on their first choice for a new home.
Demand for Rental Properties
On 7/19/2010, Citigroup announced that their foreclosures are up 81% from a year ago. As you can see from the chart above, the next batch of foreclosures will leave many families hit with foreclosure unable to qualify for a mortgage to buy another home. In the upcoming decade, rental property will become the new standard; the only alternative to traditional home ownership.
Buying a home in this market is not the easiest of decisions. If you have a good credit score and money in the bank, buying a home now makes sense. It is important to research the market for buying opportunities and that’s where I can help. In addition to helping you find the right property I can also help you negotiate the best deal.
Many of the homes on the market are either Short Sales, Bank Owned (or REO) or Probate. A short sale is a new experience for most homebuyers, but knowledge is a key to success. Click here for some good tips to help ensure your short sale purchase will be a boom, rather than a bust.
My experience and expertise will get you the results you want! Call Fred Prescott today at (760) 398-3544 or toll free (866) 898-3544 and let me help you find the perfect home at the perfect price.
