In discussions lately with my colleagues and those considering buying real estate in today's market, the discussions revolve around the great opportunities that are available in the current real estate marketplace.
While many buyers are still sitting on the fence thinking this is a "WAITer's market," many others realize why they call the current market a "BUYer's market." It's a great time to actually BUY... not WAIT to buy. The opportuntiies are plentiful, but many are "missing the boat."
Everything indicates that NOW is a phenomenal time to buy or invest in real estate; property prices are the lowest they've been in many years, the selection of properties on the market is the highest we've seen since the 1990's, and interest rates are back down at near-historically low levels. What more could anyone ask for? HOMES ARE CURRENTLY "ON SALE." Opportunity is truly knocking... don't lock the door!
Now, many do think they should wait longer thinking prices will continue to drop. While prices will probably continue to drop for a while, nobody is sure what interest rates will do over the next year or so. If a buyer waits for prices to drop, but interest rates increase, then any "savings" may disappear.
Here's the bottom line: if you're considering buying or investing and plan to hold onto the property for a few years, then buy now. Real estate has always appreciated over the long term so, any short term price fluctuations probably won't matter. If, however, you're looking to buy for the short-term, say one to three years, be very careful and consult with a Realtor.
Call me if you'd like to discuss your specific situation.
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