NOW IS A GREAT TIME TO BUY!

Many neighborhoods in our local market have been showing signs of stabilization since March 2008, however, it is still a buyers' market.  How does this impact a potential buyer?

• Inventory is high, although in many of the most desireable areas, the inventory is picked over.  A buyer has many more properties to look at in their chosen price range and location compared with the peak of the market in 2005.
• Lower stress levels.  While it is still important to submit a contract in a timely manner on a property you fall in love with, buyers currently have more time to look with less chance of losing a property in a multiple offer situation. (The exception to this, are the foreclosures who come on the market with an asking price BELOW market value AND are in good conditon.  This is a strategy some banks/sellers are using to garner multiple offers and bid the property price up above asking price.)
• Lower, more stabilized prices.  The larger inventory is keeping prices stabilized giving buyers more buying power. Don't be fooled!  Waiting to see how low prices may drop before buying can cost you MORE!  This is THE time to buy.
• Lower settlement/closing costs.  Many sellers are offering to assist with the buyers' closing costs as an incentive.  This means less cash up-front for buyers.  You'll have more money in your pocket, or you can use that extra cash to paint or otherwise customize your new home!
• The current rates are still at historic lows! Let me refer you to a trusted, local lender with great customer service who will have provide you with options for getting into your dream home. 

Trying to time the housing market "bottom", is like trying to time buying stock at the "bottom".  By the time most people realize the bottom of the market has been found, and jump in, they are catching prices on the up side....AND sellers who are aware of the up turn will be less willing to negotiate on price and closing cost contributions to you, the buyer.  Choose an agent who can help analyze the neighborhood you are looking at, to determine a good value.  Plan on staying in your home for a few years to maximize your investment and allow time for the local market to strengthen and appreciate.

I do require buyers to be preapproved before showing homes.  Lending guidelines are constantly being tightened and revised--it is to your benefit to consult with a lender first to determine your purchasing power and financial comfort level.  If you need help finding a reputable, local lender, I have several trusted lenders that I can refer!

If you are a cash buyer, be prepared to have your financial institute or advisor provide you with a proof of funds letter.  Sellers will typically require a copy of POF when considering a cash offer.