A First Time For Everything
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An
article appeared recently in the New York Times that beautifully illustrates
the opportunities today's real estate market offers. A mother working two jobs saved up for a
downpayment and managed to buy a large home with a pool for $187,000. Three years ago, that same home had sold for
$370,000!
While
sellers are still feeling pressure, buyers with stable incomes and good credit
histories are beginning to spread a "feel good" vibe throughout the
industry. Conditions have literally
never been better for first-time buyers.
Affordability has seldom been higher and interest rates have hardly been
lower. Selection of inventory is vast,
and sellers are highly motivated.
As more
buyers enter the marketplace, the ripple effect will be felt far and wide. When they purchase a highly affordable
foreclosure or "short sale," they have removed a distressed property
from the listings, improving values for other homes in the area. When they buy a "traditional"
listing, that in turn sets off a chain reaction whereby the sellers in turn
will purchase another home, from sellers who will in turn buy another home, and
so on and so on.
You
probably get the picture now. As we
approach some stability in real estate, all indications are that prices will
begin rising again. As the market
approaches recovery, don't miss your opportunity for the buy of a lifetime.