February 23rd, 2011 8:55 PM by Wendy Thomas
I've had a really busy couple of weeks... nonstop paperwork, phone calls, driving around to get everything done that I have to do. Problem is, it's all been for listings, NOT buyers! I have listed some amazing properties with even better prices, not to mention the listings that I already had and how well they're priced.... but there just aren't enough buyers in the marketplace right now!
So where are they? Do they know that rates have already gone up from what will most likely be lows that will never be met again, but they are STILL at around 5% for a 30 year fixed rate? That's still incredibly low. And do they know that right now is the time to buy? With house prices lower than ever, they can get a great house, with more square footage, for less than they'll probably ever see again in their lifetime. Do the first time homebuyers know that there are still some 100% financing programs out there, and even if they don't qualify for those, they can get into their first house for as little as 3 1/2% down? Not only that, but depending on where they buy, the buyers may qualify for state grant money, or city grant money, or a similar program.
Do sellers who want to sell (but don't have to) realize that although they may not make as much on the sale of their house, they'll most likely make up the difference in the house that they buy (because that seller is in the same situation/market)?
There are so many reasons that it's a good time to buy a house. And there are so many great listings out there that truly should not be taking as long to sell. Maybe buyers are waiting on spring; maybe parents are waiting on school to get out before moving and changing school districts... Who knows? What I DO know is that now is the time to buy! I'm truly surprised by the lack of buyers in the market right now. With so much to choose from, there is no time like the present to buy real estate.