If you have been considering purchasing a home, new or resale, there are several reasons why now is a good time to buy. In fact it is a GREAT time to invest, whether you are a first time home buyer, or looking to upgrade.
First, prices are lower now than they have been for a long time. The changed economic climate in the US and abroad means buyers have an opportunity not presented in decades. Once the market recovers, which undoubtedly it will, you will look back and pat yourself on the back for the smart timing you choose to buy.
This means Buyers are in control, and will be for some time. Not all bad new for Sellers, I will get to that soon. Buyers have an ample inventory in both new construction, and resale homes to choose from. Most have been on the market longer than the Seller wants, and are usually more open for an offer. In a hot market inventories are usually low, and it is not uncommon to have multiple offers on one home. This usually will bring in asking price, and even more. In today’s market Buyers are more in control to offer a bit less than asking, and also consider perks, as a home warranty.
Interest rates are very attractive today, wavering around 6% for a 30 year fixed, which is very good considering the times we are in. And the most important part, lending is available! It is very important to choose a good reputable lender, and one that will not gouge you with fees, points, etc. If your credit score is good and you have an income, it is best to get pre-qualified to see how much you should spend.
Now for the Sellers, it is not that bad. It is true you can not in most cases, get top dollar for you home today. This is true for new construction, or resale. But if you are looking to upgrade, and have had your eye on a certain home for some time, NOW is the time to bargain an offer with that home, and later with the equity, make up what you may not have got out of your current home. This makes even more reasons to have a Professional Realtor do a CMA on your home, and market it at the best price you can expect today.
Robert P Bowman is a Licensed Realtor with Cornerstone Real Estate Professionals in Logan Utah. He can be reached at 512-7214 or e-mail firstname.lastname@example.org