Waiting to Buy for the Bottom to fallout of the Market or has the Bubble already Burst?

So often I speak with people that ask "How is the market?" Well that's a great question and if you listen to the media they say it's a national crisis. People are upside down and are facing foreclosure. I'm not here to say ' not true. But instead to remind you that it all depends on the supply and demand. In my coverage area the market goes from extremely active to extremely depressed. For instance if you want to purchase a condo in Middlesex county the selection is vast and prices range from $41,000 to $1,940,000 there are over 9000 units for sale. With so much selection the question isn't "How's the market?" which my reply would be"Great if you want to buy" Instead the question should be " Where should I buy?" As many of my colleagues have said it's a great time to buy. Prices are low, selection is fabulous and interest rates are low. The government is working tediously to build consumer confidence and the banks are eager to lend for the rebuilding of the "American Dream of Home Ownership"

No one has a crystal ball to know if we've hit the Bottom of the Market or if the Bubble has Burst. But there are allot of home owners that are eager to sell for a variety of reasons. And if your tired of renting or relocating to Massachusetts this is a Great Market. Working with a experienced agent that understands your goal will make achieving it easy and seamless. However, if you think the bubble hasn't burst and it will in fall of 2009 or Spring 2010 you may or may not be right. In my opinion the market prices can only remain constant or go up. Why? Well, that's easy let's go back to supply and demand. Most developers have ceased building or planning new projects until they sell off the current inventory. They are offering free upgrades and extremely motivated to negotiate with serious buyers. With the decline of inventory in high demand towns and areas the prices will have no choice but to increase. Hence, the condo available for $1,940,000.

People choose where they will live on variety of reasons. The school system, commute time to work, area amenities or lifestyle. If you'd like to be a community that has horse stables or paddocks and there are only a hand full of homes that have the living space, school system, commute to the office and updates you like then the prices may be close to or over the current tax assessment. This situation is not uncommon, especially here in Massachusetts. However, if your a first time buyer and attracted to just the price and would like to just own your first place in any town for the lowest price. Then a condo in a up and coming neighborhood for $50,000 may work for you.

Do you remember the saying" If you think your can or can't - your Right! According to the January 27, 2009 Wall Street Journal article Boston's Metro area Inventory is down 17% from this time last year. So in my opinion we have had the bubble burst and it will only get tougher to find bargains. Because remember you're not the only person looking for the "Great Buy"