Now is definitely the time to buy--interest rates, prices. Inventories are declining which will start pushing up prices. And I have been working with buyers for the last couple of weeks and we are finding a shortage of 'quality" homes--homes that don't need a lot of work to bring them up to current standards.
There are so many reasons why to buy now:
Low housing prices
Interest rates at 50 year lows
(and expected to rise)
Low down payment mortgages are available
Sellers and builders are offering incentives
With so many distressed sales, homeowners are very motivated to sell at competitive prices
Requirements for new loans continue to get more stringent
Rumors circulate that the 30 year mortgage may disappear
Just be sure to work with an experienced REALTOR and Mortgage Professional.
If you can purchase a home and have the same payment or better than you would renting then it is definitely the time to buy. Interest rates are insanely low and the market is full of good opportunities. Now may not be the best time to sell however and that will change with time..
I agree with Sonia. The time could really never be better. Just as the economy is showing some signs of recovering, interest rates are still really low along with home prices. I believe that full recovery in the housing market is still four years or so away with some mild increases in between.
I believe that in any market you can find good deals if you are patient and work with an experienced REALTOR. I am seeing some definitive signs of improvement in the housing market. Houses are selling faster now than before. And the number of houses selling above asking price is also increasing.
I don't think home prices are going to go much lower. How could they? I am seeing houses in fair condition and average neighborhoods selling for $30k, $35k. Those were houses that would rent from $600 to $850 per month.
And considering the low mortgage rates available, I would say that now it is a very good time to buy homes.
Jose Dias, REALTOR
Realty One Scottsdale
The time can never be better...Interest rate: Rock bottom, Housing at 40%-60% of it's value. We are 7 in nationwide for quickest recovery. We offer USDA rural housing with zero down. Why would anyone wait? IF you see investors buying like crazy that is your sign! If you'd like to see options in Orovalley where I have invested myself, call me 520-977-9106 or email your desire home option needs at email@example.com!