Time to buy?
There has not been a better time to buy a home in a very long time. There are three things that point to a strong buyers market
Good Selection, a very large inventory
The selection is terrific with lots of inventory in all sectors from condos to single-family homes. Most buyers will find a number of homes that meet their criteria and will also have time to do fair comparisons, unlike the market of the last few years.
Lower Prices... Prices declining
Prices have come down 10 - 15% in most areas and the rate of price reductions has slowed considerably in the last couple of months which may indicate we are close to the bottom point. The reality is that many sellers are wanting to sell now and further reductions are often possible just through strong negotiation. (Be sure you have an agent able to negotiate on your behalf).
Low mortgage interest rates
Fixed rate mortgages are at very low rates at the moment with 5 yr. terms under 5% and variable rates just over 4%. Amazing. First-time buyers can now get into a condo with a small down payment and monthly payments starting under $1000. a month (OAC).
If you are thinking of buying a home this spring now is the time. Take advantage of the market and make it work for you.
