Hello Everyone, If you are a first time home buyer, now is this time to get out there. Interest rates are at an all time 39 year low - around 5.8 for a 30 year fixed rate mortgage. The housing stock is double what it was 2 years ago and the sellers are responding with lower prices and concessions.
Although actual ... (read more after the jump)
... sales prices are lower nobody is giving anything away.
The real however has been put back into real estate. A 18 months ago, the sellers were reaching for the golden ring and today they have come to appreciate the market has changed. Generally there is a one year lag time between market conditions and the seller’s response. They are finally responding to market conditions with realistic pricing and expectations.
This is a good time to move from the sidelines and back into the market place taking advantage of low interest rates and the huge housing stock. Be prepared to look at 20 to 30 homes.