Why Now Is The BEST Time To Buy A Home

The market that we are in right now is an awesome opportunity; It's without a doubt the best buyer's market that we've seen in our entire lives. The convergence of rock-bottom interest rates, record-high affordability, motivated sellers, willing lenders, and home prices that have started to inch back up after declining for more than two years means that NOW is the time to buy.

Steve Murray, editor of REAL Trends, couldn't agree more. During a recent conversation, he said, "We are about to see the most incredible buyer's market that we've ever thought about in the history of our lives."

The question is, do the buyers know this?

This Graph shows the cost of a mortgage payment as a percentage of median income. As you can see 2010 has the lowest cost in the last decade! Now more than ever is the time to buy a home.

When supply exceeds demand, buyers have the upper hand, and that's where we are now!  The current supply of homes for sale in the Prescott area stands at 10 months, meaning that at today's pace of home sales, it would take 10 months for the existing inventory to sell.   Distressed properties (Bank owned and Short Sales) are now part of the mainstream real estate transactions. Nationwide they make up about 32% of all homes sold (in Prescott we are currently at 50% distressed properties). So now is the time for smart buyers who are looking for a deal to seize the opportunity!