It’s a Buyers Market
Economics 101 tells us that when supply is high and demand is low you have a buyers market. That is precisely what you see in many, if not most, real estate markets in America. What’s more, home values have dropped in most markets as well. Many experts feel that real estate values are at or near there bottom levels. Mortgage rates are also still quite low making loans very affordable. That means there are deals available for those in the market and able to take advantage of them.
How do you know if this is the right time for you to make a move in this market? The easiest way is to talk to a local Realtor who is active in your local market. They will have details on the number of homes on the market, average days a home sits on the market, comparable home sales for the last few months showing you the current trend (are homes still going down in price or have they platued?), and other relevant details that will help you make a decision. If you are more of a do-it-yourself person, there are a variety of websites available with powerful tools to help you search. Sites such as Realtor.com can help find homes available in your market. Zillow.com is a great tool for finding home values. Foreclosure.com is another interesting site to search out homes that are either in foreclosure or pre-foreclosure in your market.
Since some of the lending guidelines may have changed since you last purchased a home, it is a good idea to talk with a loan officer early in the process about the qualification criteria.
Tags: Homes, Real Estate Market, Realtor.com