You may think you have missed the chance to find the best possible deal on your dream home with the deadline for the Homebuyer Tax Credit having come and gone. Think again! Whether it is your first home or the bigger home you have always wanted, The Bishop Realtor Group is excited to let you know that it is still a great time to buy. A unique combination of low home prices, record-breaking inventories, and low interest rates has created a once in a generation market for homebuyers.
What do each of these factors mean and how are they working toward your benefit as you consider purchasing a home? There has been a great deal of press about declining home values over the last two years. According to the National Association of Realtors the average starter home in the first quarter of 2010 was $141,200, down nearly $45,000 from the housing bubble’s peak in 2007. While this played a major role in the recession, many experts agree the economy has turned an important corner.
Home prices, however, have remained low despite the economy’s growth. Additionally, wages have remained constant throughout this period. Stable wages plus lower home values plus economic recovery all add up to more people being able to afford a home than ever before!
With home affordability near an all-time high, there is incredible opportunity for you to get into the house you’ve always dreamed of. Homes are coming onto the market every day with many people waiting to take advantage of lower prices to move up the housing ladder. This helps to keep home prices low. There is a huge variety of homes to choose from and one of them is sure to be everything you want!
Of all these factors, the current interest rates are truly what makes right now the best time to buy. According to the Mortgage Banker’s Association, qualified buyers can lock-in an attractive 30-year fixed interest rate at around 5 percent! Keep in mind that broader market conditions and Federal Reserve actions could cause interest rates to increase soon. Acting now can save you thousands!
As you can see, low prices, lots of options, and great financing makes this a golden opportunity to buy home in a once in a lifetime market! Plus, June is the best time to move with its wonderful weather, long summer days, and school out for the summer. The Bishop Realtor Group would love to help you take advantage of this unique situation and to find you the home of your dreams.
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Contact us for a "Hot List" of properties that match what you're looking for -- Short Sales, Bank-Owned Foreclosures, Under-Valued Properties, Investor Rentals, Starter Homes, Move-Up Bargains. We'll talk with you to refine your local search criteria and show you the best choices available in your price range. There's no obligation for our "Hot List" service.