Bad Time to Buy a Home? Not Really…
Amid all the talk about recession, housing values, and economic collapse, it’s really a good time to buy a house!
Don’t believe everything you hear.
The Real Estate market is filled with rumors and uncertainty, and a lot of people find it hard to separate fact from rumor. No doubt, these are difficult times for buying and selling homes. But they’re not that difficult.
We sold eight homes last week, and those of you who know us know we are a modest-sized realty organization. Not one of the Mega Agencies. I guess our attitude is: We hear there’s a recession on but we’ve decided not to participate this time.
The Real Estate Market is not as bad as most people think. Yes, a lot of people have lost a lot of money, particularly those that bought homes that were overvalued in the first place. Those houses can’t meet value when their sold.
But for the rest of us, it can actually be a great time to buy. Here’s some facts, courtesy Keller Williams’ research department and the US government: Since November 2007, the US has seen a 1.4% increase in home sales. That’s the largest yearly increase since 2005. While prices for homes have dropped by 9% coupled with fixed interest rates hovering around a steady 6%, the affordability of homes has leveled off to an average of 18.5% of average household income—the most balanced real estate market in years. Factor in the current drop in price, and homes are appreciating at an average of 4% nationwide-4% has been the US average for the last 30 years.
Today’s market is in a correction, not a crisis. So, if you are thinking of delaying buying a home, hoping the market will “settle down,” our advice at Express Realty Services is, “Don’t.” There are hundreds of affordable homes on the market. And, there are as many grants, programs, contracts and opportunities for financing a home.
Next blog, we’ll discuss zero down mortgages and down payment assistance programs that are available to you today.
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