Today’s real estate buyer is in a powerful bargaining position that will not last forever. Prices have declined to pre 2000 levels and, because of the revolutions occurring in the Middle East, interest rates are trending downward. This is an opportune time for a serious buyer to purchase a home and get more bang for his buck.
One may say prices are continuing to decline and they should wait for prices to decline further, but like the stock market, no one can predict or foresee when and where the bottom is or will be. A serious buyer, like a smart investor, will do his or her homework and know with the amount of depreciation that has occurred over the last three years; prices have or are extremely close to hitting bottom. This period of declining prices, extremely low interest rates and the large inventory of houses will not last forever. A savvy buyer will take these factors into consideration and will move forward and invest in the current real estate market. Today’s housing market will probably be remembered as one of the greatest buying opportunity in decades.