I am often asked these days if we are at the bottom of the prices on homes for sale. Since there are many factors that push the real estate market, it would take some time to discuss how each of those factors are affecting the price of homes but I can tell you one thing: you never know that you have hit the bottom until you start back up!
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We have a number of savy buyers that are scooping up awesome deals and paying cash. We have inventory in neighborhoods that have decreased in numbers from a year ago. I am talking about substantial decreases in number of homes now for sale in some neighborhoods. Large homes are selling as well as smaller homes.
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The new home builders are offering fantastic incentives to Buyers and are now beginning to start building spec homes again. If you have been thinking about buying your first home, thinking about moving up to a larger home or thinking about buying a second home as a vacation or rental, then BUY NOW OR KICK YOURSELF LATER!
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There are three reasons this is the time to buy:
1. Home prices are at the lowest we’ve seen in about five years. Homes are priced at what they were when we began to see the flurry of buying in 2004 and 2005 where multiple offers were made on resale homes and lot lotteries were seen at the new home sites.
2. Multiple offers are coming in on the nicer homes and bidding up is beginning to be seen on homes especially under $200,000 as Buyers are wanting to take advantage of the first time home buyer incentives and the declining number of homes for sale. In April of 2009, more homes were sold than in April of 2005!
3. Interest rates are down to the lowest rates we have seen in a long time. We have moved away from the idea that anyone can qualify for a home loan to... qualified buyers with good scores and credit can get a great deal.
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If you are looking for a long term investment or if you are wanting to buy a home and live in it for a few years, then it is a great time to buy. If you are going to buy to “flip the property” within a year or two, then I don’t recommend buying now (unless you are a skilled investor and your numbers show that you can “buy right”).
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I cannot stress enough that you need to work with an experienced Realtor, one you can trust, to keep you informed and help you find the best deals. We are plugged in to the real estate market, we study it daily and we are updated daily from real estate experts, home loan experts and new home builders.
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Let me know if I can help you with your real estate needs or if you just want information passed along to you as I receive the updates. Lots can be done by e-mail including putting you on an automatic alert when a property in your neighborhood (or any neighborhood) that has gone on the market for sale.
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My business is built upon the referrals from the people I know, like you! Can I count on you to LISTEN to others and let me know when you hear of someone needing help with their real estate matters?
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