Almost everyone has the dream to own their own home. Well almost everyone. Some people are perfectly content with their rental agreements. That�s understandable since owning a home involves more dedication than renting and is not for everyone. Not everyone has the time, resources or desire to make that commitment.
So if you are in the group that wants their own home or wants to upgrade to a larger home, the decision as to whether this is the right time starts to haunt you. Lately it seems that every time you hear or read the news, there is something being reported about the housing market. Foreclosures are on the rise, home values are dropping and the market is saturated with unsold houses. So is it really a good time?
Actually, this is could be an excellent time to start your search for that new home. There are several advantages to the current market making this the perfect opportunity to purchase a home. First of all, there is currently so much to select from, you are sure to come across the home of your dreams instead of just settling for a place to live.
Let�s look at foreclosures. Right now, many houses are being sold at auction. Although many people show up to buy, it doesn�t necessary mean they will be able to at a major discount. Many houses are sold to the bank who holds the mortgage since they already have too much invested in the home. The banks are not yet giving these homes away for pennies on the dollar. Since foreclosure proceedings take time to complete, it is probably a better idea to try to purchase a home prior to an auction. There are many realtors who are currently advertising these homes. They are well worth looking at.
Besides foreclosures, the market is saturated with homes for sale by people who bought during the boom and just want to sell. Go back a few years and there were bidding wars on houses being sold. There was just not enough volume for the amount of purchasers. It was a seller�s market. Today we are looking at the total opposite where there are so many houses for sale and not enough buyers. Now we are looking at price wars and a lot of competition. The prices have come down so much that many sellers are actually bringing money to the closing to pay off the original mortgage. And don�t forget about new home builders. They keep building in this market but at a much slower pace. At this time, their prices have also come down and they can have tremendous incentives. It�s the old story of supply and demand.
If you are contemplating purchasing a home in today�s market, it is definitely the time to start looking. Although this downward trend may last awhile, no one knows for how long it will go on. There are deals to be made right now. It is a buyer�s market. You have the upper hand to make the deal. If possible, don�t be in a rush to purchase something. Look around and see what�s out there. Take your time and don�t let anyone pressure you into buying if you�re not ready or still undecided. Don�t be afraid to come up with your own deal when ready to make an offer. It is the perfect time for the buyer to create the deal. You would also be surprised at how many sellers are actually making very attractive deals.
The current market may change but it�s not going to be overnight. So if a home purchase is something you have been thinking about lately, at least take a look at what is available out there. You will probably find a very good deal.