The Top 4 Reasons Now Is The Time To Buy Real Estate
There are over 16,000 reasons to buy a home or investment property right now (the number of listings in the Pinellas Realtor Organization MLS this month), but I will just let you know the top four. These are in no particular order and should come with a warningmay cause reader to purchase real estate at a great price!
Number One Foreclosures. We are getting ready to start seeing some of the people with adjustable rate, no down payment, interest only, negative amortizing mortgages start to regret having bought more house than they can reasonably afford without double digit appreciation. There are lists of the homes in pre-foreclosure available, and if you are considering taking advantage of these upcoming opportunities, start watching this market now so you can recognize a deal when you see one later on.
Number Two Down Payment Assistance. Because of the lack of affordable housing, the local cities, and also Pinellas County, are offering down payment assistance programs to people who need a little (or quite a bit of) help in order to be able to afford to buy a home. If you have not checked these programs out in a while, look again. The maximum allowed home price has increased and some of the more cumbersome requirements have been lifted.
Number Three Seller Concessions. Sellers are much more willing to give a little to make a sale than they were even just one year ago. Whether you are looking for seller assisted closing costs, or a lower price, or even a car (one of the agents in our office has a seller who is offering their Porsche if someone will buy their property), there are bargains out there right now and the selection has never been greater.
And finally.Number Four Buying Up In A Down Market. If you are considering getting a larger home, moving to a waterfront property or are having another child, now is a great time to buy a home. If you are in a home that would have been priced at $200,000 last year and your list price has dropped 10%, the market value has gone down $20,000. But if you are selling that home and moving up to a $400,000 home which has dropped 10%, the market value of that home has gone down $40,000. In this circumstance your net gain is $20,000, all other factors being equal.
