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Home Buying Secrets-7 Reasons why 2008 is the year of the Home Buyer.
By Racheli | April 12, 2008
2008 is the year for home buying opportunities Do you know why?
You will find out when you read and use these tips on how today’s market might be your biggest gift when it comes to home buying.
· Prices are way down- Because of the access surplus of homes on the market sellers are forced to reduce prices to be more attractive. some areas are down as much as 30%-40%
· The supply of homes is increasing rapidly- The number of homes for sale around the country has increased way faster than home sales, creating a continued surplus of homes and in some locations can last 4+ years.
In 2005 we had 2,846,000 Homes for sale
In 2006 we had 3,450,000 Homes for sale
In 2007 we had 3,974,000 Homes for sale
As of January 2008 there are 4,191,000 Homes for sale
These are national numbers from the NATIONAL ASSOCIATION OF REALTORS®
· Rates are historically very good- 30-yr fixed rate mortgages are at a little over 6%. (as march 2008). From 1992 to date rates have ranged from 9.25% and 5.25%. . Take advantage of cheaper money.
· Sellers are very motivated- Because of the increase in inventory sellers who are serious about selling are more willing to negotiate knowing that the buyers have lots of homes to choose from.. Sellers know that.
· Take a little cut on selling your current home and get a big cut on your new home- If you currently own a home that you need to sell in order to buy a new and more expensive one, think about discounting your home let’s say by $30,000 or so to sell it fast. And get a much bigger cut $70,000 or more in savings when you buy your new home. Yes you will act as a buyer expecting you seller to negotiate and be more willing to cut prices
· Buyers have many options to choose from- and sellers know that. A few years ago buyers had to settle for what was available even though the home was not really what they wanted, because of bidding wars and multiple offers.
· Short sales are an option, don’t get hung on them- The number of short sales and foreclosures are climbing. It may be a great opportunity but be prepare to deal with a lot of red tape. The banks take their time to reply.
And now you see why and how 2008 is a great year to buy a home, for 1st time buyers upgrading to a bigger home or down sizing.
Have a question? email us at info@loans-4-u.com
View Racheli’s bio at http://www.rachelismilovits.com/
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