Let's dive in and see what's in store for you
The supply of homes is increasing rapidly-The number of homes for sale around the country has increased way faster than home sales, creating a continued surplus of homes and in some locations can last 4+ years. Obviously some areas are seeing higher numbers than others. Here are some stats:
In 2005 we had 2,846,000 Homes for sale
In 2006 we had 3,450,000 Homes for sale
In 2007 we had 3,974,000 Homes for sale
As of January 2008 there are 4,191,000 Homes for sale
These are national numbers from the NATIONAL ASSOCIATION OF REALTORS
Prices are way down-Because of the access surplus of homes on the market sellers are forced to reduce prices to be more attractive. We have seen locations that have gone down as much as 30%-40%
Sellers are very motivated- Because of the increase in inventory sellers who are serious about selling are more willing to negotiate knowing that the buyers have lots of homes to choose from. You need to be more attractive than your neighbors. Sellers know that.
Rates are historically very good- 30-yr fixed rate mortgages are at a little over 6%. (as of this article 3-08). From 1992 to date rates have ranged from 9.25% and 5.25%. So +6% is on the low side. Take advantage of cheaper money.
Take a little cut on selling your current home and get a big cut on your new home- If you currently own a home that you need to sell in order to buy a new and more expensive one, think about discounting your home let's say by $30,000 or so to sell it fast. And get a much bigger cut $70,000 or more in savings when you buy your new home. Yes you will act as a buyer expecting you seller to negotiate and be more willing to cut prices
Buyers have many options to choose from- and sellers know that. A few years ago buyers had to settle for what was available even though the home was not really what they wanted, because of bidding wars and multiple offers. Now buyers can pick and choose and in many cases get more than they thought they would.
Short sales are an option, don't get hung on them- The number of short sales and foreclosures are climbing. It may be a great opportunity but be prepare to deal with a lot of red tape. The banks take their time to reply. Weeks sometimes months pass by. You must have a company that knows what they are doing when negotiating with banks. We will gladly refer you to one.
And now you can see why and how 2008 is a great year to buy a home for 1st time buyers, upgrading to a bigger home or down sizing. I would like to offer you a free access to the weekly video news so you can stay informed and up to date.
Also you will get the free guide "10 biggest mistakes people make when buying a home" by going to http://www.yourmortgagecafe.com to sign up.
PLEASE COMMENT ON THIS ARTICLE RIGHT BELOW, SO WE CAN ADDRESS YOUR ISSUES AND QUESTIONS IN FUTUR ARTICLES. YOUR THOUGHTS ARE APPRECIATED. THANKS
View Racheli's bio at http://www.MeetRacheli.com
I am interested to know what are your thoughts will you please comment below this paragraph or Email me a question at info@loans-4-u.com
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