As a buyer specialist I come across a lot of people who seem to be on the fence as to whether they should buy now or not, especially with the holiday seasons in our very near future. "I'm just going to wait" is the absolute worse thing you could do right now. If you're listening to the news about how the market is horrible currently then I have 6 words for you - TURN OFF YOUR T.V. AND RADIO!" Yes, the market has crashed all over the nation, but we are starting to see the turn around. THERE IS A LIGHT AT THE END OF THIS TUNNEL! Even better yet, if you're in Dallas or looking to move to Dallas, we haven't felt the same effects the rest of the country has since we never escalated our pricing to the same extent. In Dallas, we are only considered to be down 5%, unlike the 20% nationally. The DFW market is strong and stable!
If you're thinking about buying, here are 3 reasons you should start looking today:
1. Interest Rates - interest rates are at an all time low. Even in the '70's when you could buy gas for $0.40/gallon and the average new home price was around $25k, you still couldn't purchase a mortgage for as low. Interest rates are currently starting around 4.25% and are expected to stay this way for the remainder of the year. But don't take that as a sign to wait; interest rates can go up at any given moment and when they do, there will be a HUGE difference in the amount of home you can afford. Trust me, there is a HUGE difference even $25k can make in a home. Do you want granite and stainless-steel or are you ok with turquoise formica?? Hmm... something to ponder!
2. Inventory - You definitely have your pickin'! The market is completely saturated making it a buyer's market which means YOU will never have such a selection to choose from again in this lifetime! Don't be mistaken, though, just because it's a buyer's market, it doesn't mean you can low ball an offer. Homes are priced accordingly to what the market suggests AND, in the top 3% of homes (homes that show fantastically and are priced aggressively), it's really almost a seller's market.
3. Home Prices - Although a lot of people hated to see the tax credit go away (me included), there is no need to worry! You are in luck!! Yes, the $8k tax credit went away however, the prices of homes dropped to make up the difference. If homes are dropping does this mean you should wait until the market hits rock bottom? If that's your thinking.. you are too late! In a lot of areas around DFW we are seeing the prices to begin the rise. Even if you have a home to sell you are still better off counting your losses and focusing on the great deal you are getting on your new home! Think about it for a second.. doesn't larger square footage, more upgrades, better location at a discounted price sound intriguing?? Well, it should! You may lose money on the sell of home but you are not the only one in that boat! Just think about the great deal you're getting on your new home and you will forget that loss within no time (especially after a few years when you're already seeing your equity grow!)!!
For more information or to hear other great reason you should BUY NOW!!! Call or email me anytime. I'm always happy to be of assistance anyway I can. Even if you are not in the market to buy or sell but have questions regarding the market.