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For the average American, the current economic climate can be confusing. From auto makers discontinuing famous brands … to iconic retail stores closing up shop, there seems to be a new dose of bad news every day.
There is good news, however. Now is the best time in years to buy real estate, perhaps even the best time in history. Here’s why:
1. Record-low interest rates.
Never before have we witnessed the current combination of low prices and low interest rates. As the market improves, interest rates will go up, making now the most opportune time in decades to get a loan.
Even a quarter-point change in rate makes a huge difference in what you are able to afford. For a person who couldn’t get approved for a loan in the past, the slightest drop in interest rates boosts the chances of acceptance. And you may be surprised at how much more home you can buy for the same money when interest rates are as low as they are now.
2. Inventory is at an all-time high.
Inventory equals selection. The greater the inventory, the greater the selection. The opportunity right now lies in the fact that most potential buyers have been “fence-sitting” since last year, waiting for the lowest possible price.
The buyer who acts now is guaranteed more choice than someone who waits. In addition, many sellers are so motivated to get their home sold that buyers can negotiate harder than ever before.
3. Market decline.
Because of widespread devaluation in 2008, buyers are actually paying “wholesale” prices right now. If you purchase today, you gain a higher amount of equity than if you had bought last year. That is because you are purchasing in a down market!
4. Economic outlook.
While many are still concerned, the future looks bright. New measures taken by the U.S. Government are taking hold, and creating new jobs. New jobs, in turn, always improve a market. When a market begins to improve, it’s a great time to buy … because as more jobs are created, the market will become more crowded.
5. Government favors real estate.
The United States Government has done more for real estate in the past two years than ever before. Billions of dollars are dedicated to the real estate industry. The great American dream of homeownership is alive and well thanks to constantly improving programs that allow every citizen to own property.
Looking to take advantage in this time of opportunity? Contact me at (206) 412-0038 or send an email to mparks@windermere.com. |
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