Real Estate: It’s a Buyer’s Market

It’s a wonderful time to be a home buyer. An opportunity like this comes around every eight to thirteen years. Whether you are a first time home buyer, an investor; or if you have been part of the real estate market for the last several years and were hoping to move up, now is the time!

To start with, we have a huge inventory of homes on the market right now and sellers have come to realize that in order to sell their homes they have to price out their competition. This is quite a turnaround since from 2003 through to mid 2006, it was tough to find exactly what you were looking for in a home. The inventory was scarce, and if you found a home that had a few features you liked; you had better write an offer right then and there or it would be gone by the afternoon! Buyers were on a frenzied buying spree to purchase a home before someone else got it. It created a huge sense of urgency and many buyers settled for less than they wanted in a home. Thankfully that day is gone for now.

Buyers can now negotiate great deals on homes, warranties, and seller paid closing costs. And with house inventory being so high there will be some great deals to be had. Foreclosures and short sale homes are very often a great buy, but new legislation will coming into effect to protect distressed sellers from being taken advantage of make now the wise time to insure that you don’t miss this buying opportunity.

The importance of being prepared when buying a home cannot be overstated. Being pre-qualified for a certain loan amount with a reputable lender is a must for two reasons: First, you know how much home you can afford; Second, you are in a stronger buying position. Your offer will be viewed more favorably if it is accompanied by a pre-qualification letter.

So find yourself a great lender who will find the best loan for you. And last but not least good luck on finding the best home for your money!

We can help you with that last one. Contact us and let us show you exactly why NOW is the time to buy real estate.