The old adage, "There's no time like the present" might not first come to mind when looking at today'snational housing market. But according to Sonya Loose, Associate Broker, ABR, GRI of Red Carpet Keim Lake Forest Real Estate in Gladwin, Michigan, these homespun words of wisdom are quite appropriate when a closer look is given to indiviudual local markets across the country. Loose points out these favorable factors that can contribute to making this, for many consumers, a most opportune time to buy a home.
- Inventory is up. When the market is hot, new listings can't replenish the supply of homes fast enough, and that works in the sellers' favor. In today's market, the opposite is true, providing more choices for buyers.
- Sellers are motivated. Homes that in a hot market would have been snapped up in days are now lingering unsold for months, even years. Factor in bank owned properties due to the recent and unfortunate spike in foreclosures and buyers find themselves in an advantageous negotiating position they haven't enjoyed in years.
- Interest rates are down. Recent cuts in the prime rate by the Federal Reserve have sparked drops in interest rates, which at the end of January were below 6 percent for a 30-year fixed-rate mortgage. While banks have tightened lending requirements in the wake of increased loan defaults, home buyers with few credit problems qualifying to purchase a home they can afford should still have little trouble securing favorable financing terms.
- Tax Credit - The recently signed legislation that provides new homebuyers an up to $8000 tax credit for purchasing a home before Dec. 1, 2009.
What's more, a market climate like this especially favors buyers who don't need to sell an existing property before their purchase, buyers like first-timers and those looking for a second home. This tilts the scale even more towards many buyers.
But regardless of the situation, for every buyer, the key is to work with a real estate professional thatknows the local market and specializes in buyer representation - like an agent who has earned the Accredited Buyers Representative (ABR) designation.
Loose is one of more than 50,000 members of the Real Estate Buyers Agent Council (REBAC) of theNational Association of Realtors, who have attained the Accredited Buyers Representative (ABR) designation. As the world's largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is "The Voice for Buyer Representation." with more than 50,000 active real estate professional members of the organization throughout the world.
To find an ABR designated agent near you and to receive a free copy of the REBAC published Homebuyer's Toolkit visit www.REBAC.net or call 800-648-6224.
To take advantage of the hot buyers market in Gladwin or Clare County call me today. I serve the communities of Gladwin, Beaverton, Wixom Lake, Secord Lake, Harrison, Bentley & Rhodes. I can be reached via email at firstname.lastname@example.org, at my website at www.buyorsellwithsonya.com or on my cell at 989-429-2600.