We've all seen the news reports about the real estate market slow down. Those reports have motivated many home buyers to wait until they are certain that the market has reached the bottom, so they can get the best deal. This might not be the best strategy, here's why:
First, it is nearly impossible to accurately predict the real estate market's ups and downs. According to several analysts, prices generally are now at or near the bottom of the cycle. In some areas the market is already coming back and seeing a gradual increase in values.
The larger selection of homes that are listed make it easier for you to find your ideal home in the right location. Once the downturn in the market is over, that selection will dwindle. With so many properties on the market, sellers are willing to negotiate price and terms and even offer incentives. This is the best way to make a deal rather than waiting.
Mortgage financing is still available at record low rates. True, it's tougher to qualify for a loan today, but if you have good credit and a decent "credit score" you should have no problem in obtaining financing with very favorable terms.
~ Jean
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