Now is one of those rare moments in the market when either a buyer or a seller have such favorable conditions to make their move that it is almost a no brainer to pull the trigger and do it! Right now it is the buyers turn but the media has them afraid to make that move.
Let's look at the facts without all the media hype:
- The interests rates are the lowest since 1971
- The government will give you $8000 to buy a house if you are a first time home buyer
- Sellers, in most cases, will pay your closing costs
- Vets can effectively get in with no money and if they qualify as 1st time home buyers may even put cash in their pockets after receiving the $8000 tax credit
- There are some outstanding deals to be had with lots of instant equity from short sales and REOs (bank owned properties)
In addition, the median home price seems to have bottomed out not to mention all the usual benefits of owning your own home, such as the interest tax deduction and building equity. People work hard for their money. It is the Realtor's job, despite the media hyperbole, to get the message across that whether they are giving their money to a landlord or a lender, they are paying someones mortgage. Shouldn't it be theirs?
But as is always the case, many will sit on the fence and miss the window. This will happen as more and more buyers decide to buy. Supply and demand will do it's thing, interest rates will rise and seller consessions will fade away. Already, since February, homes sales in Hampton Roads are up 7% and the median home prices are up 3.2%. If you are a buyer, don't miss the boat! If you are a Realtor, you do your clients a disservice if you don't get them to buy.
For more information on short sales visit http://www.hamptonroadshomes.org/