Get off that fence!
By Denise Lones
Iâ€™ve been saying it for months, and Iâ€™ll say it again.
NOW is the time to get off the fence and buy.
Why am I so convinced that the time is now?
Well, itâ€™s a combination of things. Regardless of whether youâ€™re building a new deck, or whipping up a batch of cupcakes, you need the right ingredients in order to insure success. For the Buyers considering a purchase, the right ingredients are at hand.
Today, right now, is the time to act. Hereâ€™s why:
Mortgage rates are low, lower than they have been for many years. In fact, theyâ€™re approaching historic lows! Yes, you actually have to qualify for a loan now. But, I guarantee you there are lenders out there who are ready, willing and able to lend you mortgage money at very attractive rates.
Inventory levels are high. Unfortunately for sellers, buyers have an enormous number of homes from which to pick. In many markets, inventory is at an all time high. As a result, buyers no longer have to â€œsettleâ€ on a home thatâ€™s not what they want.
Sellers are motivated. Whether they are in trouble with their financing, worried about their employment or having to make many lifestyle changes as a result of losses in the stock market, many sellers need to sell and are willing to negotiate accordingly.
First-time home buyers can also get a $8,000 non-repayable tax credit from the government. And you can apply it to either your 2008 or 2009 taxes.
We may have already reached the bottom of the market. Some buyers are still waiting, trying to buy at the very bottom of the market. Funny thing about that - you never know youâ€™ve hit bottom until prices are on their way back up. And many buyers donâ€™t realize than an increase in their mortgage rate will completely eliminate any advantage they may have gained by waiting for prices to decrease by a few thousand dollars more.
So, yes, I feel strongly that buyers who donâ€™t make a move right now are missing a huge opportunity.