According to a report I saw on TV today, reaction by some people to uncertainties about today's economy is COMFORT FOOD.
Hmmm.... yummy, I'm all for that. Bring on the ice-cream, burgers and other carbs we found comforting in childhood and still do in times of stress today. But now, what are you REALLY going to do in reaction to this market? My suggestion is very simple, and it does not include confusion, concern or regrets.
BUY REAL ESTATE!
Here's why you should be out looking at Crofton-area homes right now (as soon as you finish that ice cream sundae):
1. The world is not standing still while politicians, bankers and investors try to resolve the mess they've made. All the reasons people usually have for selling their homes are still occurring in the Crofton area and around the country - marriages and divorces, babies and deaths, lost jobs and new jobs, relocation and retirement. New listings come on the market every week for these and other reasons.
2. The housing inventory is at record high levels and you may never have so many options again. Remember 2006, when multiple buyers were literally fighting for the opportunity to buy a single house at thousands of dollars more than the seller asked? Today's market is exactly the opposite - multiple home sellers are competing for YOU to buy their home.
3. Home prices are down by 10%, 20%, even 30%. Homes you couldn't afford two years ago are within your reach now. You can probably buy a home that's bigger and better than your wildest dreams, so don't let this opportunity get away from you.
4. Mortgage rates are low. They're still hovering around 6% and, in spite of the so-called credit crisis, FHA and VA are alive and well. Most homes in the Crofton area are within the loan limits established by those government programs, so you shouldn't have any trouble buying a home if your credit is good. And frankly, that describes most home buyers in the Crofton area!
5. The world is not standing still. Yes, I did mention this before, but now I'm referring to the fact that this Buyer's Market won't last forever. That Seller's Market we saw in 2006 is long gone after just two years, and today's market will disappear, too. It is in your best interest to buy a home now, while the inventory is high, prices are down, and mortgage rates are low.
YOU DECIDE: Eat comfort food to avoid confusion, concern and regrets about today's economy OR get out and look at homes in the Crofton area now so you can buy low, sell high. It's a home buyer's market - don't miss it!
PHOTO: Istockphoto.com
Confusion, Concern, Regrets - Is That YOUR Reaction to the Market?
Copyright 2008. Margaret Woda. All rights reserved.
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