A First Time For Everything
An article appeared recently in the New York Times that beautifully illustrates the opportunities today's real estate market offers. A mother working two jobs saved up for a down payment and managed to buy a large home for a price that was 20% lower than it's selling price just a few years before.
While sellers are still feeling pressure, buyers with stable incomes and good credit histories are beginning to spread a "feel good" vibe throughout the industry. Conditions have literally never been better for first-time buyers. Affordability has never been higher and interest rates are great. The selection of inventory is vast and most sellers have priced their homes reasonably.
As more buyers enter the marketplace, the ripple effect will be felt far and wide. When they purchase a highly affordable foreclosure or "short sale," they have removed a distressed property form the listings, improving the chances other homes in the area will also sell. When they buy a "traditional" listing, that in turn sets off a chain reaction whereby the sellers in turn will purchase another home, from sellers who will in turn buy another home, and so on and so on.
You probably get the picture now. As we approach some stability in real estate, all indications are that prices will begin rising again. As the market approaches recovery, don't miss your opportunity for the buy of a lifetime.
