- Low prices - most sellers (if they still are in the market) have learned that the prices of two years ago are not possible to get today. So prices have moderated some, as much as 10-40% lower than in 2006-7 in some markets.
- Low mortgage rates - interest rates are low, some 30 year rates below 5% do exist. AND, lenders DO have money to lend. FHA and VA are the most popular programs being used by the majority of buyers and they are having no problem finding money if their credit scores are good.
- Great selection - in many markets Realtors® are reporting as much as 10-12 months of inventory. That means buyers can find the house they really want in most markets.
- No competition - the days of multiple offers with buyers bidding up prices to amounts higher than listing prices are gone for the time being. Only in a very limited number of markets are buyers facing any competition at all. So sellers are having to negotiate.
- Great move-up opportunities - Seller may take a hit on their current home, but (due to reasons 1-4 above) most sellers are more than making up the difference on their new home. They are realizing that if they move up now, they can take advantage of lower prices on their dream home. And with lower interest rates they can keep saving for many years with lower than normal house payments.
So if you are bargain hunter, we need to be talking RIGHT NOW, before the market shifts. Just a small increase in mortgage rates can cost you thousands of dollars over the life a typical home loan.
Your Action Plan: Check out my company or my personal website and contact me for a confidential review of your market readiness. Or just drop me an e-mail at Info@UpwardRealty.com. You enjoy saving money and I enjoy helping people save money, so lets have some fun.
© 2009 UpwardRealty.com
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