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Take Advantage Of A Buyer’s Market

It is a very good time to buy a home if you are renting, a move up buyer, or looking to purchase vacation home or investment property. It’s a home buyer’s market for several reasons.

There remains 6 months of home inventory on the real estate market. This allows buyers to negotiate the price down because sellers are often desperate.

Foreclosures are at an all time high pushing home values down and creating value in the purchase market as banks will sell the home much cheaper than it is worth.

Rates are still at historic lows. 30 year fixed interest rates are in the low 6’s as of this writing.

Move up buyers gain more of an investment in the buyers market due to depreciating values. For instance, if a move up buyer discounts there $250,000 starter home by 5% to move up to a $350,000 home discounted at 5% they gain $5000 in value right away.

In a market that seems to be at or near the bottom of this correcting home cycle, multi families are at a good value as the there has been double digit depreciation.

Vacation homes may be a good investment because of the abundance of many good buys available.

A starter home may be much cheaper than renting after the tax benefit.

Buy now and don’t wait until this market swings upward. There promises to be great value in purchasing a home. Be patient you have time, plan and strategize your home buying goals to get that great deal and solid investment in the real estate market.