Are we near the end of this chapter of the "extreme buyers market?" Over the last few months, the number of people looking at houses listed on the market has gradually, but consistently increased. Many are only shoppers, trying to find out how much the market price of homes have decreased. But many others are beginning to seriously consider purchasing a house.
They realize that mortgage interest rates are still quite low, and probably will NOT remain that way for long. They realize that the First Time Buyers credit is scheduled to end at the end of November, and that to qualify they have to close by that date. They realize that prices have come down, in some markets considerably, and that some sellers, especially those who have had their homes up for sale folr quite some time, are more "flexible" than they once were. They realize that because of the economy, many homeowners have to sell their homes because they can no longer afford the expense.
Yet others still are wary of the economy, afraid of their lack of perceived job security, and therefore are waiting to do anything. Others are waiting because they don't think the market has yet bottomed! While nobody has a crystal ball, the people in the first group are somewhat understandable, but the people in the latter are probably sacrificing a great buying opportunity.
House prices have always been cyclical, but over the long run have been one of the few "investments" that have outpaced inflation. If someone can afford a home right now, there may never be a much better buying opportunity than there is at the present time.
I urge evryone to examine the market, speak to an ethical real estate professional, and "take the plunge," if their situation dictates!
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