I was asked this question recently by a friend who had commented on some of the recent trends in foreclosure homes and distressed properties that have come on the market. She wanted to know, “is it better to act now or wait until later to find and buy a home?”
I am passionate about educating buyers and sharing with them the inside information; I receive working with banks that quickly want to find owners for foreclosure homes. I also have a strong network of other real estate brokers, mortgage brokers, and information regarding homes, townhouses, and condos that may soon be available.
Here is some of what I shared with my friend.
Home Sales Are Increasing
The National Association of Realtors reported the highest increase in home sales in more than 2 years during the month of Sept when home sales jumped by more than 9%. They reported another big increase in home sales in October 2009 when sales grew more than 10% compared to September 2009. If you compare October 2009 versus October 2008, home sales grew more than 20% in the western region of the country including California.
There Are Extended And New Government Finance Programs
The $8,000 tax credit for first time home buyers has just been extended past November 2009. The government is incentivizing and encouraging people to buy homes and is offering financial savings. On top of this the government has just added a new $6500 credit even if you are not a first time home buyer.
Mortgage Rates Are Lower Than Ever Before But Won’t Last
The U.S. Federal Reserve Bank of the United States has helped push home loan costs down, thus boosting the affordability of housing. 30 year fixed mortgage rates are around 5.0% and adjustable rate mortgages can go as low as 4.6%. Of course this is based on a person’s credit ratings.
I Specialize In Distressed and Foreclosures properties in Northern California
My real estate company has significant experience in working with banks and R.E.O. and foreclosure properties over the last few years. I’ve handled transactions throughout Alameda, Contra Costa and San Joaquin Counties. I’ve established solid relationships in the REO industry. I hold several certifications ( 5 Star Certified, NRPco CREOBA etc.)
I shared myobservations and a few others with my friend and asked her the same question that she asked of me….Is Now A Good Time To Buy A Home? She chuckled and said that based on these factors there are a lot of advantages to starting her search now.
I agreed with her and pointed out that if she started now, it could very well be Feburay before everything is wrapped up and she is able move into her new home. By then there could be many more people also looking to take advantage of the current state of the real estate market.
If any one has any questions similar to my friend, feel free to contact me at 510.684.5129 Happy Holidays