All the media 'gloom and doom' hype overlooks the obvious. While the market is not the strong seller's market that we have experienced over the past 5 years, it is a GREAT MARKET FOR BUYERS! Consider the following:
- Interest Rates are about where they were in 2000 when the boom began - 30 year lows at that point
- Builders have excess inventory locally and in most other markets which leads to their offering tremendous incentives
- Excess inventory in New Construction means existing sales are taking longer, making sellers more open to negotiation
- The Flippers are gone
- Flippers who got caught with inventory are extremely motivated.
Then there is the so-called mortgage meltdown in subprime that has earned its own logo on CNN. Consider the following for buyer with less than perfect credit:
- More inventory means more rentals. A good REALTOR(R) can negotiate a Lease/Option in many cases
- Banks, such as Bank of America with its Community Lending program are stepping up to the plate with loans for first- times that have relaxed underwriting standards
- FHA is moving to fill the sub prime void
- Sellers will be more willing to carry a second trust to get their home sold
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