Sunday, August 22, 2010
Why Buy Now?
Four Reasons to Buy Now:
1. Houses are on sale! In my Seattle market, housing prices are down by over 12% from a year ago. There are plenty of deals to choose from, with a record number of listings on the NW MLS for foreclosures, pre-foreclosures, bank-owned (also known as REOs or "Real Estate Owned'), and short sale (where the lender will accept less than what is owed) properties.
2. There is a large inventory from which to choose. Given the rate at which houses are being sold, it will take at least 7-9 months in most areas of my market for the current inventory to be sold. This means buyers have the widest selection they have had in many years from which to choose housing.
3. Big builder and construction discounts! Hey, these guys have no work. Want to negotiate some deals on pricing for new construction, rehabs, repairs, remodels, appraisals, and inspections? Now is the time!
4. Mortgage rates are at their historical all-time lows! And this can't last, folks. Lock in your rates while the Feds are still buying. Money is still available to lend for the best borrowers, those with documented incomes, and good credit scores.
What are you waiting for????