Because of the current inventory and competition on the market home sellers are becoming more realistic and are offering more competitive pricing to buyers. In addition sellers are willing to accept lower offers. A savvy buyer with good agent representation can get a property for a considerable amount less than the market value .
The market is now the best it's been for first time homebuyers in several years with the high inventory on the marker (up to 6-8 months) not only does it have a favorable effect on price but on the options available to buyers when choosing their new home or investment property.
Obviously with 6 - 8 months inventory on the market buyers now also have an increase variety of property in the market for any given price range
Buying now is also advised because it is becoming more difficult for buyers to secure a mortgage loan. The mortgage laws are becoming every stricter in light of the number of foreclosures and the intent to revamp the lending industry.
One last thing to consider is that interest rates are considerably low, and is still near historical lowest.
If you're considering buying your first home or investing in the near future; take advantage of this now buyers market and go for it now!!
However, if you're not even considering purchasing real estate at this moment.. Consider this - home ownership is a stepping stone to a future of financial freedom, it also provides a permanent place to live and call home with enormous personal satisfaction.
For more information about buying real estate - contact me!
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