Real estate news outlet RealtyTimes recently cautioned potential buyers, “don’t sit on the sidelines if you’re serious about buying a house this year.”
In the midst of a historically unprecedented real estate market and a serious economic recession, why would anyone in their right mind advise one to make what is often the most important decision of a lifetime? Simply put, we’ve passed the bottom and things are only going to get better. If you want to take advantage of the best real estate deals you may ever see, the time to act is quickly passing.
Here in Orange County, home prices are down one-third from the 2007 peak, and new homes are selling for nearly half of the 2005 prices. However, with three consecutive months of rising home prices and more than a year of sales gains, that inventory of affordable homes is quickly shrinking and growing more costly. Learn more from the Orange County Register.
Mortgage rates are significantly lower than they were a year ago, but if experience teaches us anything, they won’t stay low for long. Why wait just to waste more money on interest payments? Positive economic news has helped keep those rates down, as RealtyTimes reports.
Those hoping to buy their first home have even more incentive to act soon: the government’s $8,000 tax credit for first-time buyers only applies to sales which have closed escrow by November 30. Since unexpected obstacles can sometimes delay closing by as much as a month or two, savvy shoppers would be wise to make their offers soon. Find out all the details at FederalHousingTaxCredit.com.
Don’t be one of the many who will look back months from now and regret not having acted sooner. Coldwell Banker’s knowledgeable and experienced sales associates can help you to understand today’s challenging market and make the best decision possible about buying that new home you’ve imagined. Contact your local office today.