Now Could Be the Time to Buy a Home
The old adage “There’s no time like the present” might not first come to mind when looking at today’s national housing market. But according to Roxanne Platz, ABR of First Weber’s Lake Country Office, these homespun words of wisdom are quite appropriate when a closer look is given to individual local markets across the country, including Wisconsin. These favorable factors can contribute to making this, for many consumers, a most opportune time to buy a home:
- Inventory is up. When the market is hot, new listings can’t replenish the supply of homes fast enough, and that works in the sellers’ favor. In today’s market, the opposite is true, providing more choices for buyers.
- Sellers are motivated. Homes that in a hot market would have been snapped up in days are now lingering unsold for weeks, even months. Factor in bank-owned properties due to the recent and unfortunate spike in foreclosures and buyers find themselves in an advantageous negotiating position they haven’t enjoyed for years.
- Interest rates are down. Rates are below 5 percent for a 30-year fixed-rate mortgage. While banks have tightened lending requirements in the wake of increased loan defaults, homebuyers with few credit problems should still have little trouble securing favorable financing terms.
What’s more, a market climate like this especially favors buyers who don’t need to sell an existing property before their purchase — buyers like first-timers and those looking for a second home. This tilts the scale even more towards many buyers.
But regardless of the situation, for every buyer, the key is to work with a real estate professional that knows the local market and specializes in buyer representation –an agent who has earned the Accredited Buyer’s Representative (ABR®) designation .
Roxanne Platz, ABR is a member of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, having attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is "The Voice for Buyer Representation”. Contact Roxanne today, or visit her website to begin your property search.
photo credit http://www.flickr.com/photos/ugardener/3880328851/