We need buyers in this market. Interest rates just dropped again today to around 5.50%, which is unbelievable! Inventory is high and sellers are very motivated. In order to get through this housing and economic market slump, we need for houses to start selling again. Short of guaranteeing this, housing WILL come back and be a great investment once more. It is the basis of our economy and always will be.
Mortgage money is still plentiful. As long as you have 3% for a down payment, a steady job, and a respectable debt ratio, you can get a loan. First-time buyers are sitting by the sidelines in numbers never before seen. Generation Y is an even larger generation than the Boomers. We are going to see a huge boom in the housing market, but the question is how long will we have to wait. If you know a buyer who is thinking about buying a home, encourage him/her to talk with a real estate professional and a lender. For every first-time buyer who buys a home, 6-7 additional homes will be sold.
So, if you are thinking about becoming a homeowner, talk with your real estate consultant and see if now truly is the right time for you. My guess is that it will be.
