HAVE WE REACHED THAT BUYING OPPORTUNITY?

By
Real Estate Agent with Port Washington Properties

Mortgage rates are still  close to their historic lows! People with decent credit and 20% down can finally qualify again! First time buyers have until November 30th to close on a house, to still get the $8,000 tax credit! Prices have come down significantly, and their are plenty of choices!

 

So we should all agree that we have finally reached a classic BUYERS MARKET! Most experts believe house prices are at or near their lows! Then, why aren't more people taking advantage of this? My best guess is that it is FEAR, and not feeling comfortable with the overall U.S. economy.

 

All things being considered, however, we are closest to a GREAT buying opportunity in this generation.

Comments (2)

Cheryl Johnson
Highland Park, CA

"Then, why aren't more people taking advantage of this?"

I think the answer to this question is contained in the very first paragraph you wrote:  "Decent credit" and "20% down" ....

With the weak economy of the last couple years, around here we are seeing a lot of folks with "less-than-perfect" credit, who burned up any savings they might have had on day-to-day survival.  :-)

Sep 09, 2009 03:09 AM
Richard Brody
Port Washington Properties - Port Washington, NY

Unfortunately, much of the mortgage crisis occurred in many parts of the country because people were being approved with very little down payment, for more than they could afford to maintain, and with lower credit than should have been required. In this economy, many people cannot afford mortgages or qualify-- however, many nothers still can, and are still NOT taking action due to other reasons, mostly emotional and out of fear.

We should urge people to realistically look at homes to purchase, to get pre-approved for a workable amount of mortgage, and to help them negotiate the best possible deal. Remember that with mortgage rates still hovering in the low 5's, the amount of monthly payment is SIGNIFICANTLY lower than it would be when interest rates rise anlother 1/2, 1 or more percent. Many times, we realtors create an aura of negativity, and there is certainly enough negativity.

I also urge realtors to act ethically, and to be upfront with their customers and clients for everyone's best interest.

 

 

 

Sep 09, 2009 03:21 AM