Why it's a Good Time to Buy.

Why is it a good time to buy?

It is true that home prices have fallen nationwide, and some feel prices may continue to fall over the next year. So why is it a good time to buy?

1. If you are purchasing a home to live in for the next 8 - 10 years, or more, you will most likely come out ahead, even if prices decline in the short term. Historically home prices increase an average of 6% annually. Although prices have fallen, it follows and unreasonable exuberance and unsustainable rise of nearly 88% in the last 10 years. And, according to the National Association of Realtors, 2007 was the 5th best year in the history of real estate in the U.S. Bet your nightly newscast never mentioned that!
2. Interest rates are still near historic lows. Should oil prices and other costs continue to rise and push up inflation, interest rates are likely to rise as well. This is one huge reason not to wait if you are thinking about delaying a purchase because you think prices will continue to fall.
3. There is a huge inventory of homes on the market to choose from. Finding your dream home is more likely than in recent years, where you may have had only a few homes in your price range to choose from. A couple of years ago buyers were buying the first home they saw because they were afraid of not getting a home at all. Now you have the option of taking more time, and being able to buy more home for your money.

Many people these days are holding off because they think prices will continue to fall. But, like the stock market, you can't time it and you can't predict it. If you have the ability, and will be living in the home for the long-term, Now is a Great Time to Buy!

In this area, North Port, Port Charlotte, Punta Gorda and Englewood Florida, there are some great deals right now! We are back to 2003-2004 housing prices. What are you waiting for?

Look for my blog on Short Sales - coming soon!