A Great Time to Buy

Real Estate Agent with Atlanta Premier Realty, Inc.

Everybody pretty much will accept that the current real estate market is definitely a buyer's market. With so many homes (both new construction and resales) on the market and with interest rates at historical lows, this is a great and oportune time for buyers to purchase the home of their dreams at an affordable monthly payment.

If you have been saving to purchase a first home and have a good credit score and very little debt, then this is the perfect time for you to buy a home. Not only will you have a variety of homes to choose from, some that may not have been affordable if the market had been different, but you will also be able to obtain an affordable loan payment at a low fixed-rate interest rate.

The caveat however, is to be cautious and not to buy beyond your means. Consider all the costs of home ownership, such as upkeep, and taxes and insurance, before you make the decision tobuy.

This is a great time for renters with a stable income to consider purchasing a home. With so many homes on the market, many due to foreclosures, you may be able to find an affordable home that requires very little down. You could even look into purchasing a small home, holding it until the market turns upward, then selling it so that you can move up into a larger home.

Newly retired couples, who have their home paid for and a good retirement, may find this is a good time to purchase a vacation home. With the good interest rates and the lower home prices, they may find a good deal that they otherwise may not have been able to afford.

For those who have money to tie up, this may be a good time to purchase a home as an investment or rental. As a precaution, it is important that you can afford to hold on to the property for a while. Use your purchase as a rental property for a few years. When you're ready to sell it, you'll find you've made a good investment.

Please weigh in on this.

Comments (3)

Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Derick, great points!  It is a great time to buy in most markets across the country!  Well said!

Jun 05, 2008 07:16 AM
Marc DeSantis
Countrywide Home Loans - Happy Valley, OR

I agree.  It's a great time to buy.  Rates aren't going to stay this low forever.  When the housing market improves (maybe 2009) I think we will be seeing higher interest rates.  Right now many of the purchases I'm financing have had seller concessions to closing costs from $5K-$10K.

Jun 05, 2008 06:08 PM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA


For all that you mentioned any Buyer should give buying a priority status.....

While every market is different, where it is on track, waiting is not an option.

Jun 06, 2008 02:28 AM