This is the year !
This is the type of Real Estate market that two years from now everybody will say, “I wish I had bought then.”
Financing - Interest rates likely will not stay below six percent with five percent down !. Buyers need employment and reasonable credit. Foreclosed and Short Sale properties are being purchased as first time home buyers and investors are deciding that we may be near enough to bottom. The bottom cannot be recognized until after the fact. After this bottom, as rates and prices increase, people compete for properties. For short sale & foreclosed properties go to BillMccormick.com and sign up.
Don’t forget there is continuous demand in most markets. People graduate from school, get better jobs, get married and divorced, have children, upgrade and downsize. Over the past two years Buyers have paused, they still want to buy but they are waiting - creating pent up demand which will lead to an improving market for Sellers. This turn to a Seller’s market will likely be gradual.
If Inflation devalues our money then house prices and the price of other hard goods will increase and real estate owners are going to benefit. First Time Buyers get federal tax credit of $7,500. This is scheduled to end summer of 2009. Investors still have to do the investment analysis. More challenging underwriting standards mean less people.ready and able to buy which creates opportunity - buy with less competition.