What is the benefit of purchasing a home in a time when the media tells you that the sky is falling & that now is the worst time to buy real estate?
Most people are concerned that if they wait better deals will come later. Home values have creeped down for just about 2 years now. Media coverage of falling prices came after many markets had allready seen a downturn & had adjusted prices accordingly. In markets ahead of the curve there is a stabilization going & anyone who has to sell will make a buyer-friendly deal today. Sellers who have experienced the pain of sitting on the market month after month are considering all offers. Getting the best deal on a property happens in a Buyer’s market & not in a Seller’s market. Coupled with the discounts available in today’s pre-foreclosure market now is the time when real estate can be purchased at a substantially lower price.
As you might know, interest rates are less than a percent away from their historical low. After bottoming out at just over 5% current offerings on 30 year mortgages are still in the high 5’s! In addition to catching a great rate, now is the time when lenders will offer the discounts that were not available when demand for mortgages was high.
In a cyclical market like real estate following the media can put you in a position of being a day late & a buck short of finding the true bargains. Taking a buy & hold strategy in an advanced buyer’s market enables the purchaser to take advantage of deals that won’t be around when the tide changes.
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