It’s been a tough few years in the Real Estate business. Home prices continue to lag behind their previously high values. Many prospective home buyers have been reluctant to start the buying process because they’re not sure if the market has hit the bottom yet. They continue to take a wait and see attitude.
But now really is a good time to buy. Home prices in many areas have started to rise. The number of foreclosures in many cities has started to fall as well. Market by market, buyers have started to notice pockets or neighborhoods that have started to come back with immediate offers on home that are coming on the market. If you continue to wait, you may miss out on the most lucrative time ever to buy a new home.
Many states are requiring continuing education for mortgage brokers to ensure these Real Estate professionals are up on the latest laws and any changes that will affect prospective buyers.
Other factors affecting the home buying process are record low interest rates and lots of inventory. This is truly a buyer’s market. In fact the Federal Reserve Board has continues to keep the interest rates at record low levels.
Act now as the interest rates have started to inch back up. The rates continue to bounce around but there are some trends that show increased rates. The inventory of both new and pre-owned homes has never been better.
All in all, buying now could save you a huge amount of money in the long term. Reduced interest rates and reduced home prices are a good formula for long term savings. In fact, you can buy more home for the money.