Is this truly a good time to buy? The Perfect Real Estate Storm
Â Many buyers have this burning question on their minds "Is this truly a good time to buy?" This one question has kept many on the fence like roosters, watching the housing market going nowhere (in their eyes). Except two things are happening:
1. The rental market is at a tipping point of 80%
2. Home investors are having a field day slowly wading through the homes, picking and choosing the best deals that the market has to offer them.
The American dream of owning a home has never been so attractive like it is now. The dream is so much more closer to becoming a reality if only many families would take action right now. This is because:
1. There is available plenty of homes to choose from - from bank owned homes (REOs) foreclosures, Short Sales, Existing Homes and New Builder Inventory. This helps buyers pick and choose any home they want and like. Shortsales take an average of 60 to 90 days.
2. Home prices nationwide have dropped 36% to 84% nationwide, varying from state to state.
This helps you the buyer get more square footage for the lowest price per square foot. Florida lost values by 84% enabling a 14 year old girl to become the youngest landlord ever, assisted by her mom who is a Realtor Agent. She is on her way to buying her second home for $17K. Her first home was bought for $12K.Â Type in Willow Tufano on Youtube to watch her interview on the Ellen show and other TV channels. She was first interviewed by NPR which then got national attention. In short, more bang for your buck.
3. Lending rates have been the lowest they have in 30 years, nationwide. It is at 3.5 to 3.75%. Federal promises of not going to increase rates have been a positive boost to the Real Estate market. Lending rates will vary based on your credit history and downpayment intended.
4. Get the best home for whatever reason - this is a buyer's market, or Buyer's Real Estate Heaven. Buyers in different age groups may want to buy homes for different reasons - emotional or personal that appeals to you:
Â Â Â Grandparents may want to live closer to their grandkids.
Â Â Â People may want a town home, mid-rise or a home with a smaller yard.
Â Â Â People may want to downsize, live on a fixed budget, retire earlier.
Â Â Â People may want to purchase a few acres to cultivate and raise farm animals.
Â Â Â People may want to venture out and buy a luxury home.
Â Â Â People may want to buy a home in a master planned community with lots of parks, lakes and Â Â Â walking trails.
Whatever your reason that appeals to your heart and wallet, there is a home out there for you with your name on it. And no, that is not a cliche phrase, that is a statement for today's market, that is the 100% truth.
Is this truly a good time to buy? It most definitely is. It is the perfect Real Estate storm with all the ingredients coming together to make it a perfect buyer's market. Contact me by e-mailing me: Jackdave72 at Yahoo.com
Thank you for reading my article.
Jacob David. Realtor Agent
Champions Real Estate Group.