How Home Buyers May Prosper in Today's Market

RealityCheck

Trying to Time the Market?

Too many homebuyers make the mistake of waiting in hopes that real estate will suddenly "crash." The problem with that is they are overlooking the important fact that this remains one of the most desirable places to live and work. No one ever picks the bottom or top of anything. Many times the market suddenly moves in the other direction, missing that opportunity. Instead of waiting that time period to see if the price is where you want it, offer that price today!
NAR President Richard F. Gaylord has said that there is something of a quandary in the current market. "A recent online survey of Realtors® shows nearly a quarter of potential home buyers are waiting on the sidelines," he said. "However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth."

The Future is Bright for Real Estate

Certainly in recent years we have seen a shift from a seller's market to a buyer's market but that switch was necessary to continue a healthy flow of exchange amongst buyers and sellers. Our economy couldn't maintain the double digit increases we saw in home prices in 2004 and 2005 without seeing a shift. If we had continued to see an increase of that magnitude we might have eliminated individuals, from becoming home owners.

But as we know, all good things must come to an end. And according to recent forecasts, change may be coming sooner than originally predicted. According to Realty Times' July 28 article entitled Real Estate Outlook: No Recession in Sight,

"Fully 44 percent of top business economists now forecast a slow but steady economic expansion—at a rate of one percent or higher—for the next two quarters. Another 45 percent look for positive growth, but at a rate below one percent. Just ten percent expect negative Gross Domestic Product (GDP) growth during the period—the technical definition of a recession. So 90 percent of the top business economists agree: We're NOT headed for recession. That's encouraging for anyone looking to buy, sell or broker real estate in the coming months because negative national economic growth would put a damper on any housing recovery. If the economists' crystal ball is accurate— that's just not going to happen."

As you can see, home buyers may have an incredible opportunity right now. But this type of market may not last forever and if you intend to buy a home, now may be your time to act and enter the real estate market.

If you are ready to make that informed and educated decision about real estate, please contact me today. I would be happy to help you find the opportunities that exist in today's market.