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HomeReport
Real Estate & Finance News That Affects Your Home June 2008 - Page 1
 GOOD TIMING
7 Reasons Why Now Is A Great Time To Buy
Now truly is a great time to buy a home. If you--or someone you know--is ready to move up or become a first-time owner, if you plan to stay a few years and you've been waiting for the perfect time to buy--now is that time.
Here's why. Housing cycles cure themselves. Prices soften, inventories rise, savvy buyers snap up bargains, demand increases, and the market returns to normal. As buyers return that demand pushes home prices up and mortgage rates higher, according to housing economists and past history. Higher prices and higher rates mean waiting today costs you more tomorrow.
The secret is to buy while the headlines are gloomy, secure an affordable fixed-rate loan and enjoy the home you want to live in before the advantage of today's market passes you by. By taking a long-term view--as a home investment should be seen--you can weather temporarily lower prices in the area while the market corrects if you buy now with a fixed payment.
Consider these reasons why our experience shows this is a great time to buy:
- Take your pick. Gone are the days when there were more buyers in the market than homes for sale. Then, options were few and many buyers felt they had to take what they could get whether or not it was the ideal home for them. Now, the reverse is true: There are lots of homes to choose from, and buyers can afford to be picky. Also buyers are no longer competing with property "flippers" and other investors in the marketplace.
- Do your homework. With more properties on the market, buyers no longer feel pressured to put an offer on a home before another buyer snaps it up. Instead of making a decision on the spot, buyers can actually spend quality time visiting several homes and make a decision on their own timetable.
- Make an offer. In the sizzling seller's market, buyers were outbidding one another--sometimes offering amounts thousands of dollars above the list price of the home they wanted. Today, buyers don't have to engage in bidding wars and--bonus--they're finding sellers more willing to entertain their offer.
- Negotiation encouraged. In the past, many buyers, striving to gain the upper hand in bidding battles, waived contingencies for home inspection, pest, roof or sewer inspections. Sellers were able to sell their homes "as is" to buyers willing to shoulder the cost of repairs. These days, however, more buyers are shopping for warranties and asking for inspections, and, if problems are uncovered, they can reasonably expect sellers to negotiate to get a closed sale.
- You can't beat the location. Want to live closer to work? In a better school district? Near the town center? In a larger--or smaller--home? You may be surprised at the abundance of possibilities out there that are a much better buy these days.
- Bargains available. Qualified first-time buyers, down-sizers, second-home buyers, rental investors and others can find bargains today--if you know where to look. Bargains are available from owner short sales, lender-owned foreclosures, builder close-outs, executive relocation properties, estate sales, even tax and condemnation sales. If you are looking for a below-market value, we can help.
- Affordable payments. Interest rates on a 30-year fixed-rate mortgage have been hovering near 6% this year. Compare that to the average interest rate 10 years ago on a 30-year fixed, which was 6.94%; 20 years ago, 10.34%; and 30 years ago, 9.64%. From an historical standpoint, today's interest rates look terrific. Combine low rates with low prices to get low payments, and you know why now is a great time to buy.
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