During the holidays, retail stores have sales. Thanksgiving sales, Christmas sales, close-out sales, etc. People flock to them. Most of the time comsumers don't even hesitate to charge these purchases because they are such good deals. I have great news for everyone! There is a BIG SALE going on! All the HOUSES, TOWNHOMES & CONDOS are ON SALE! Multiple offers are very rare nowadays. It is a Buyers' market. Interest rates are low. Some people are saying don't buy because the market has not bottomed out yet. My question to them is how can they be so sure? How can they predict what will happen? Can they guarantee this statement? There can be an overall real estate trend throughout the country but you still have to look at each invdividual micro market. Some markets may have gone down 15% and others 5% or simply flat. Another factor to consider is the interest rate for mortgages. Interest rates are still low. How long will it stay at this level? Only buyers who are paying cash or at least placing 50% down on a property are the ones who are not affected by the interest rates. In fact, only these people and investors should be really concerned about buying at the bottom of the market. If you are buying a home as your primary residence, you should ask yourself these questions:
Are you placing a down payment of 20% or less?
Can you find a home today that will suit your needs?
Will the monthly payments for that home be affordable/comfortable?
If your answer to these questions is "YES", then you should consider getting pre-qualifed for a loan. You have a great opportunity to buy a house today. Do not let the recent mortgage melt-down stop you. Good loan programs still exist. Most mortgage brokers do not charge for a consultation. Don't wait until other homebuyers start coming back into the market. When that happens, you may lose your opportunity to purchase a decent home for a great price.