Is it a good time to buy?
We think it’s good news for everyone that the Great Recession of 2007 – 2008 is beginning to become a distant memory. It has been a long and slow slog, but each successive year has brought signs of market improvement: supply is down, demand is up, and as a result, prices are on the rise. But don’t fret just yet, there’s still good news for buyers; rates are still at historical lows and lower borrowing costs help off-set higher purchase prices. Furthermore, there are still good values out there but you need to know when to recognize them and act quickly. It is a given; markets will always fluctuate but quality is never at a discount to the market. All real estate is local, and we have fared much better than other parts of the country (which only emphasizes just how desirable, and what a great investment, the Hudson Valley remains). If you’ve been contemplating a purchase, now would be a great time for you to speak with us. Don’t miss out on the benefits of buying in this “improving” real estate market.
- Less room to negotiate.
Prices are higher, and houses are not staying on the market as long as in recent years. Buyers definitely have to make realistic offers.
- Less selection.
Improving market conditions have reduced inventory. Buyers should educate themselves so they know a good deal, or a gem, when they see it.
- Less time to react.
With today’s smaller inventory, buyers will have a bit less time to contemplate their purchase. In this environment, a well-priced or a “triple location” property will move very quickly, and may even receive multiple offers.
- Interest rates are at historic lows.
Yes, credit still remains tight right now as lenders are loathe to make the same mistake again. But for qualified buyers, mortgage rates are still as attractive as they were 3 or 4 years ago. Improve your bargaining position by getting pre-approved by your lender if necessary.
- A home is still a good investment.
According to the National Association of Realtors, the national median home price has historically risen every year. In a balanced market, home values rise at the rate of inflation plus 1.5 percentage points. That’s nothing to say of the tax benefits that come with owning your own home. (And unlike some stock purchases, a property can never lose all of its value overnight.)
- It’s always a good time to live the life you want.