REAL ESTATE MARKET CYCLES BACK TO BUYERS
If you are thinking of buying a home, now might be the right time for you. The real estate market has moved off of the frenzied pace that has characterized it for the past few years. Today, we are seeing a strong inventory, low interest rates, and continued belief that real estate remains a valuable investment.
The Real Estate market remained strong over the past year, even though the overall number of sales dropped toward the end of 2001. Typically, Real Estate sales drop off in the fourth quarter, as people tend to prefer to make a move after the holidays. If a good house comes on the market, there are buyers who are ready to pounce. The key for sellers is to understand that there is more inventory available than in years past, and to price their house realistically with the help of an agent who knows the area and the buyers in the market.
INTEREST RATES DOWN, INVENTORY UP
The days of multiple offers that drove sales prices in many regions over the listing price during the buying frenzy of the late 1990's and early 2000 are gone, at least for the moment. But even though the real estate market has moved from frenzied to stable, it still remains strong. Interest rates are low; there is a wide selection of homes to choose from and buyers can take more time to shop, compare, and look at many houses before making an offer. In real estate circles, that is what is called "a Buyer's Market."
One of the advantages of the current buyer's market is that affordability is up. Many people who were priced out in the past few years, such as mid-career professionals and teachers, are finding that they can afford to buy a home now.
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