8 reasons why you REALLY should move in this market!

1. Prices to buy are incredible. Quite potentially there hasn’t ever been a better market to buy a home. It’s doubtful that if in my real estate career, we will see a better buyers market this good again. Of course every situation is different, but there are truly some great deals out there!


2. Prices may get worse. So what is your plan? Stay for a couple more years and sell when the market “turns around?” Not to be a “Downer”, but things are going to be this way if not worse for 3-5 years according to most predictions. As long as people are still out of work, and still getting laid off, we are going to see more foreclosures and more short sales. Buyers pay what the neighborhood homes are selling for. Meaning if that foreclosure down the street sold for much less than what they paid 2 years ago, that sale affects the value of your home as well.

3. Historically Low Rates! Rates are historically low floating around 5% for a 30 year FHA fixed rate loan, and they wont last forever. Many of the “old timers” in the real estate business will tell horror stories of the day that they started, rates were double digits – and that wasn’t that long ago! Can you imagine? Once the demand in the market begins to pick up, guess what will happen to the rates? Banks make money on interest rates. There is already much talk that rates are to low now, and should be raised.

4. Tax credit buyers are running low on time, so demand is rising for “GOOD” inventory. Many of the foreclosure homes are in need of repairs. It can be costly, time consuming, and stressful. Many buyers don’t want or can’t afford to get into these projects.

5. You may be eligible for $6500 federal government money. The government is throwing around money, you may as well get some of it. That money may be enough to make up for a year or so worth of depreciation or most of the costs to sell, but it is going away soon! By April 30, 2010 you must be locked into a purchase agreement for a new primary residence, closing by the end of June. Here is a link with more details.

http://federalhousingtaxcredit.com/faq2.php

6. More foreclosures and short sales are to come. There are many reports out that would suggest that we are going to see more foreclosures before its all said and done. Short sales and foreclosures are on the rise, and supposedly so are home modification loans. What we know about those loan modification programs is that generally they are not working. About 70% of people default anyways. When these foreclosures hit the market at rock bottom prices, this may affect your home’s value.

7. Fix up costs are lower than normal–contractors, appliances, mechanicals and labor is much cheaper than it has been over the years. Hard to put a hard number on the exact effect of the economy on prices of these goods or services, but seems like we all know a good contractor or laborer that is looking for work. Now is the time that they are fighting for your business to stay alive, and are much more willing to negotiate prices to earn your business!

8. Lastly, you can’t have it both ways– translation you cant sell at the very top of the market and expect to turn around and buy at the very bottom of the market. Your choices are that you can sell higher when the market shifts again, and pay more for the home that you buy, or you can sell now and buy at the very bottom of the market.

(this information has been excepted from another Realtor's Blog - the address of that blog is:  http://hairlessrealtor.com/my-blog-.asp?p=8)