Real Estate - When Is the Right Time to Buy Property?
The time to buy is when the time is right for you. While I realize buyers aren't rushing to open houses ready to pay top dollar and lenders no longer give large mortgages to folks who just can't afford them. This does not mean you should not be looking now.
Moody's Economy.com, a private research firm, projected median sales prices for existing homes will decline 3.6% in 2007. This is the first decline in real estate prices since the Great Depression.
One of the reasons this is happening is that speculators are leaving the market. They have so many properties for sale which creates a glut on the Real Estate Industry.
Since the market normally fluctuates up and down reversing favor between buyers and sellers, this is really a common occurrence. Texas, North Carolina and New Mexico have strong markets.
I believe it is just the normal adjustment time. Prices will rise again in time. The market is now creating stability for the future. Balance is being created between buyers and sellers.
In fact, now is the right time to buy if you have the money and are willing to do some research into the market conditions. I recently bought a second home in Tucson, Arizona. The market is slowing there also. Prices are down and the inventory of houses is high. This is the perfect time for me to buy a retirement home.
I spent time researching the current market and knew that housing inventories in the area were growing. Homes are remaining on the market for much longer periods of time. Prices are declining and fewer buyers are marking offers. I determined the average sales prices to decide if I was getting a good buy.
I made an outrageous offer to see what would happen. I countered and got the house for the price I wanted. You really never know what is acceptable to a seller. Go for it.
Related Tags: mortgage, real estate, buyer, seller, real estate market, home sales, real estate dindustry
Nancy Woodward, better known as the million dollar referral lady, is a Real Estate and Mortgage Professional. You can discover how to achieve financial prosperity by subscribing to her online newsletter - RealEstateNewsletter
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