« Little Known Henderson Nevada Facts | Home | First Time Homebuyer Tax Credit »
Great time to buy!!
By Stephen Roberts | January 9, 2009
For those of you who have been waiting on the sidelines during the past year, now is the best opportunity to buy in the past decade at least. This home price reduction that we are currently going through could turn out to be the best time to buy in any of our lifetimes.
Why do I say this? There are many reasons that I and many other experts feel this way.
First of all, mortgage rates are at all time lows. You can get 30 year mortgages for under 5%. This is practically unheard of. The drop in the rates presents unique opportunities for many people to be able to afford houses that were way out of their price range with rates down over a full percentage point from just a few weeks ago.
Secondly, prices have dropped approximately 30% since last year. This fact combined with the drop in interest rates has given qualified buyers the greatest amount of buying power that this market has ever seen. Buyers that had trouble getting approved for loans on homes that they desired should now be able to purchase the home of their dreams. Of course this is based on them being able to qualify in the new world of tighter loan requirements and restrictions.
The third facet that has come together to produce this awesome opportunity is that there are many more homes for sale now then there was before this past year. Qualified buyers will have many more choices in the market then in years past. Between the foreclosures, short sales and the general public selling their homes, every price range has an abundance of properties for today’s buyer to choose from. This creates great buying possibilities for today’s buyer, who actually has a chance to be able to meet all or most of their criteria in their dream home search.
For more information on the Henderson, Las Vegas and Summerlin Real Estate markets please give me a call at 702-739-4392.
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Mortgage Rates, Summerlin Nevada Real Estate, foreclosures | No Comments »