It’s A Buyer’s Market… Now Is The Time To Buy

Even though there are many who claim they can do so, it is impossible for anyone to accurately predict when our current real estate market will “bottom out.” The actual fact is that it has slowed considerably from last year. Home sales are down, and prices have dropped. However, they have not dropped a lot in Ventura County and its adjacent communities, nor are they likely to go a great deal lower. This is a very desirable area. If you are considering buying a home, it is an extremely favorable time to do so.

During this period of healthy adjustment, as the market evens out to a more normalized status, several factors provide the buyer with favorable conditions. Inventory is on the healthy side, so there are choices. There is also room for negotiation with sellers. This is a nice change from just a couple of years ago, when any property under consideration needed to be snapped up in a big hurry, frequently with competing offers driving the price above market value. Negotiation, however, should not be confused with discounting. Knowledgeable sellers, working closely with their agents, are pricing their properties accurately so they will sell in an appropriate amount of time. They know what their properties are worth and, for the most part, are standing firm on their sale prices.

By now, almost everyone is aware of the current foreclosure situation. Lenders are back to being a lot more cautious, which is exactly how it should be. For qualified buyers, foreclosures are a viable part of the market and provide an excellent opportunity. However, this is a highly specialized market and an experienced Realtor is a must if you’re interested in considering these properties.

Thanks to the Fed, interest rates remain historically low. So, even though lenders may be more stringent in their policies these days, the interest rates are keeping mortgage payments at a very reasonable cost. This makes it easier to qualify. Working diligently with your real estate agent is crucial. Your expert representative helps you to stay abreast of the lending rates and the various mortgage offerings available, ensuring that you select the product that’s just right for you.

There are a lot of good buys out there right now. If you are gambling on a significant drop in sale prices or interest rates, this is no better an idea than trying to time the stock market. Ask your agent to help you find a property that you really like, negotiate soon, and buy a home you’ll love for years while you have a lot of choices and a lot less pressure.

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