Its A Buyer’s Market For Home Buyers!

Its A Buyer’s Market For Home Buyers!

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home buy

Friends of ours sold their house last summer and moved into an apartment temporarily as they re-ordered their lives. Apartment living has been okay for them, but they are eager to get back into the housing market. I just now learned that they are once again shopping for a home and was pleased by their timing — it is truly a buyer’s market for today’s home buyers!Have you been holding back from buying a home? If so, 2008 could be the best year to jump into the housing market and for several good reasons. Please read on as I go over the top reasons why 2008 could be the best year for home buyers to jump in.

The Housing Market, At A Discount — Double digit annual home value increases are a thing of the past for most markets. Sure, the Raleigh, NC area remains strong, but for most of the rest of the country home prices have stabilized or even dropped.  That 4 bedroom, 3 bath home languishing on the market at $469,000 is ripe for the taking.  If you are pre-qualified for a mortgage, offer your best price and you just may get the home for tens of thousands of dollars lower than what the seller wants.

Mortgage Rates Remain Rather Low — In times past, when the housing market dried up, high mortgage rates was one of the contributing factors to the slowdown. That isn’t true today. Compared to a few years ago, mortgage rates are higher, but compare those rates to historical averages, today’s mortgage rates are low. Mortgage lenders are hungry for your business especially if you have good credit.

New Homes Are Priced To Sell — Builders only make money when the properties they build actually sell. Inventory must be moved otherwise their bank-backed projects could be at risk. You should be able to buy that new townhouse or tract home at a discount with some amenities thrown in at no extra charge. Negotiate from a position of strength!

Prices Are Expected to Rebound Later This Year — Some experts are saying that prices will begin to rebound later this summer. In other words, most markets have already reached bottom and could begin to start climbing once again in a matter of months; jump in now before this window closes!

Of course, a buyer’s market favors only those buyers with very good credit. The better your position is financially, the more likely you’ll be able to take advantage of current market conditions. Get pre-qualified for a mortgage today and start your shopping as soon as possible — you’ll be glad that you did!

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Categories: Home Buying

Comments

  1. GradBlogger
    GradBlogger 9 January, 2008, 04:08

    If you have time, could you share some advice on how recent college graduates should save up to purchase a house?

    Thanks!
    – chris

  2. MattKeegan
    MattKeegan Author 9 January, 2008, 18:57

    That’s a good idea, Chris. I’ll talk it over with Krayton — it seems like a terrific topic to cover.

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