Let face it, the market favors the buyers! If you are a "Qualified Buyer" (Ready, Willing & Able), this an absolutely ideal time to buy. Could the prices drop even more...maybe, but unless you are going to be in the home for 2 years or less, it's a good time, can you tell me what the interest rate will be 6 months from now or even next year?
If you're a seller who doesn't have to sell donâ€™t sweat it, price your home at fair market value and the home will sell. Yes, there are many out there who are looking and preying on those who are in financial troubles, if you receive one of those unreasonable offer from a bargain chaser thatâ€™s OK (they have every right to fish, but last time I checked the seller owns the home).
Buyers, itâ€™s your time to sort thru the entire inventory and take your best shot, but keep in mind that not all sellers have to sell. There is still a â€œlarge majorityâ€ of home for sale that the sellers themselves want to take advantage of the lower prices and move up; the children have left and the sellers want to downsize; the seller want to make a lateral move into a better school system, etc.
With all the new about the historic rate of foreclosures, know this, the rate of foreclosures is still about 1% of the real estate market, the big new is the prices have dropped to price levels that hard working people (proportionate to all financial levels) can now afford not that everyone is getting foreclosed on. If youâ€™re looking for the bargain house and Iâ€™ve shown 25 or so homes in foreclosure over the past couple of months and let me assure you, they are not a bargain. If you looking for a project that where to look but these homes are usually trashed, if your looking for a â€œHOMEâ€, then your best served looking at home by homeowners who have invested in and taken care of these home, that where the bargain isâ€¦favor home buyer.