A Strategic Time To Buy
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.
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 (California) 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.
I would be happy to help you find your dream home or if you would like a free Comparative Market Analysis on your current home, contact me at 425-241-9400 or Sheila@LawrensonHomes.com
Sheila – I agree that interest rates are definitely a factor to consider when purchasing property, but it is a serious leap to suggest that prices in this area are going to be going up again any time soon. Looking at history, this area’s real estate market tends to follow the markets in southern California. San Diego was at the top of their market about 4 years ago, and has been ‘adjusting’ since, our area started the “adjustment less than a year ago, so I believe there are at least 2-3 years of ‘adjustment’ yet to come. I have never seen a 1 year real estate cycle.
The scary news is that prices have started dropping and there is increased inventory available, but there is going to be even great inventory available and all the local condos and apartments come on line. According to the law of supply and demand, where does that point prices?