After almost 7 years of seller’s market its now the buyer’s turn to get a great deal.
Two major factors:
- Fear: Most people listing[or wanting to list] their homes are panicking that worse is yet to come and there by they will be “stuck” with their home and will not get a “good” price.
- Unemployment rate: At 6.6%, many home owners who lost jobs and did not cushion for rough times want to sell and move on.
Many people are loosing their jobs but most still hold on to theirs. For those who can, its time to benefit from this opportunity because of the following reasons:
- Low interest rate: At 2.25% variable, rates are really really low. 5 year locked rates show a narrow growth over 5 years which means the bank predict that the rates will remain low for some time.
- Better Prices: With challenges mentioned above for sellers, the prices of some homes are seriously lower compared to others in the same area.
- More Choices: Since the fear syndrome is wide spread, there are fewer people out there looking compared to the number of homes on the market. Buyers can take more time searching for the right place. Buyer beware that there multiple offer situations going on as people are bidding to get the really low priced properties.
- Government programs: get a tax credit for home improvements. If you find a home that needs upgrades and your getting an awesome price, go for it! Purchase a home at a low price, do the required fixes and get the benefit of tax credit. How lovely can it get, sometimes.
