November 2008
For the third straight month, the median price of single-family is below $300,000. The last time the median price of a home was below $300,000 was April 2003. This is making the opportunity to afford a home more of a reality for credit-worthy borrowers.
Why it’s a Good Time to Buy
Now is a good time to buy for those buyers who qualify for conventional financing (especially first-time homebuyers). Interest rates are low and there are favorable prices. In addition, private mortgage insurance continues to be tax-deductible and a $7,500 first-time homebuyer tax credit is available.
It is difficult to predict how long this buyer’s market will continue. You often only know the bottom of the market has hit after home prices start to come up. So, if you are ready to buy, now is a good time to do it.
As a result of the stricter underwriting requirements for loans, buyers who are in the market now, are more qualified. This means sellers can feel more confident that their sale is going to close.
Real estate is the most important investment for most consumers…and one where you spend most of your life. Whether a buyer or seller, finding the right professional is your first and best choice to manage the process.
For the third straight month, the median price of single-family is below $300,000. The last time the median price of a home was below $300,000 was April 2003. This is making the opportunity to afford a home more of a reality for credit-worthy borrowers.
Why it’s a Good Time to Buy
Now is a good time to buy for those buyers who qualify for conventional financing (especially first-time homebuyers). Interest rates are low and there are favorable prices. In addition, private mortgage insurance continues to be tax-deductible and a $7,500 first-time homebuyer tax credit is available.
It is difficult to predict how long this buyer’s market will continue. You often only know the bottom of the market has hit after home prices start to come up. So, if you are ready to buy, now is a good time to do it.
As a result of the stricter underwriting requirements for loans, buyers who are in the market now, are more qualified. This means sellers can feel more confident that their sale is going to close.
Real estate is the most important investment for most consumers…and one where you spend most of your life. Whether a buyer or seller, finding the right professional is your first and best choice to manage the process.
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