Having lunch with some friend, I was asked about the real estate market.
"Is it a buyer's market?" he asked. I paused as I gave it some thought, "It's a tough market" So he asked again, "but, is it a buyer's market?" I answered the same again, "It's a tought market", then he asked why. I said "It would be a buyer's market because there are so many houses available and the interest rate is really low, however there are few buyer's that qualify. They need to have 3-5% down, which most first time homebuyers don't have in this economy, plus they need a 680 credit score or better. So that's why I stated that it's a "tough" market, but it could be a buyer's market.
I got a report in my email that our nation had over 4 million homes availble for sale. Is it a buyer's Market?