2008 is now behind us. It brought a huge shift in the real estate market as well as the economy. Many potential home buyers were eliminated from the purchase pool due to more stringent regulations and credit requirements. Others just wanted to wait until they were sure the economy was stable.
2009 is now upon us and Home Buyers are asking, "Is now the RIGHT time to purchase a new home?" We don't have a Crystal Ball, however; based on current statistics for our market it would appear that we have bottomed out. Interest Rates are at historic lows with most under 5%. There is still a good inventory of homes to choose from and many sellers are motivated to get their home sold. With all that information, we believe it's a Great time to buy!
Most predictions for our market are that inventories will be reduced through the third quarter and by the end of 2009 we would be in a "level" market or even a "Seller's" market and home prices will begin to increase. There will also be fewer incentives from builders as their New Home Inventories will be at record lows.
Home Prices, Interest Rates, and Selection all indicate that now is a Great Time to Purchase!