Buying in Today’s Market
There are a lot of reasons to buy these days:
- Low interest rates. Interest rates are below 4% pretty consistently now. This is truly historical. There is nothing that saves a buyer money month over month and year over year more than a low fixed intrest rate. On many new construction developments, rates are even lower, some are in the 3% range on unsold inventory. Many foreclosed properties come with special financing and down payment incentives from Fannie Mae.
- Low Prices. Depending on neighborhood, prices are down 20% to 40% from our market’s peak of July, 2007. This means we at roughly the same prices we were at in 2003 or 2004! Many forclosure and bank owned properties are even less. If you felt priced out of the market in the last few years, it may be time to check prices again.
- Inventory. Our inventories are still fairly good. A look at the MLS reveals lots of homes and condos available at very good prices and terms, resale homes that have been well taken care of and updated, pre-forclosure properties, and bank owned properties at even greater savings. Now we are seeing a good supply of homes that have been foreclosed, purchased by investors, remodeled, and put back on the market a very good prices. There are still some auction properties available now too.
- You can visit the property search here if you want, or fill out the search form and I can make an automatic search for you.
