Every day lately it seems I have a new client who calls and is asking me what I think of the current market.   I also get many inquiries as to if banks are still lending and if it is truly a good time to buy.  While there are a million opinions in the media, I can only speak about what I know firsthand and that is the following. 

Right now my husband and I are both too busy selling homes to really notice the downturn.  Interest rates are low, many types of financing and assistance are available, there is a glut of bank owned inventory on the market and people are making some amazing deals.  Long term seasoned investors are calling me and buying bank owned inventory in cash.  First time home buyers are calling me and I am still able to get them 100% financing plus $10,000 - $30,000 in down payment assistance.  Lenders are calling me with interest rates available as low as 5.5%.
 
Where is the bottom?  I don't have a crystal ball, but the only way we will know we've hit bottom is when it has past.  Donald Trump, an investor who has weathered decades of real estate cycles and once bought a New York downtown skyscraper for only 1 million in a bad market (which is now worth over 100 million today,) had the following to say in a recent interview "Well, it's both a very tough time and a great opportunity. There are great opportunities right now for "the average family". It's an unbelievable time to buy a house and especially if a bank happens to own it because they've put the money in so it's not a question of getting financing."

He continues "The money is already there. Go out and make a deal. The banks want to unload their stock. They have thousands and millions of houses. Go out, see what they have, get yourself a great house, they will give you financing." 

Call me anytime with your questions about the local market, bank owned deals, and financing options.  I'd be happy to chat about what's happening on the "street" right now...

For the full articles visit:
http://www.cnn.com/2008/LIVING/personal/09/18/lkl.donald.trump/
and
http://www.cbsnews.com/stories/2008/09/17/earlyshow/leisure/celebspot/main4454376.shtml