NOW IS THE BEST TIME TO BUY!
It might sound crazy with all of what the media has been portraying, but it is definitely true. Look at what we have that would make this true:
1. Inventory is saturated – this means that the buyers have more choices and the sellers know this. More choices give the buyers more negotiating power. This creates a market where sellers are competing to have the best priced property. In the past it was more of a competition to see who could get the most, but times have changed.
2. Mortgage rates are low – mortgage rates are at an almost all time low. In the 70s and 80s it was considered normal to have double digit rates. At one point in 1980 mortgage rates were over 20 percent.
3. Very little competition with other buyers – right now there are fewer buyers in the market for real estate. Add this with the over saturated inventory and there is less of a chance that buyers will be competing with one another on purchasing a property.
If buyers were to wait until the media was to say “Now is the time to buy” then the buyers will be back into competition with one another. The ones waiting to see what’s going to happen to the market with all try to get in at the same time. By this time it may be too late. The best deals could be gone.
We have seen an increase in the buyer’s interest since the beginning of the year. Contracts are coming in and negotiations are under way. It is only a matter of time until we can get the inventory to even out. Once this happens the deals that are there now might not be then.
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