Just like 1 + 1 = 2, there are several key factors that add up to the best buyers market we have ever had. Since September 11th 2001 the housing market has been keeping the economy afloat. Low interest rate & rising home values fueled the market, while homeowners took second mortgages to finace an unaffordable lifestyle. Now the housing market is fueling the bust. But compared to other buyers market there are several key differences. During the housing bust in the 80's interest rates were hovering near 15% and pushed close to 20% at one point.
Today however interest rates are at their historical low. Just this week rate fell below 5%. Do you know the difference between 5% and 15%? Let me tell you it is a lot money per month.
Another key factor to the buyers market is inventory of homes to choose from. During the sellers market on average there was about 9,000 homes available at any given time. Now that number has increased to 19,000, more than double. That gives you the ability to search for the perfect house and forces sellers to offer competitive prices.
The last major factor is the $7500 tax incentive offered for first time buyers. You + house = $7500. What is not to like about that?
So here is the answer: low interest rates + great selection of homes + $7500 tax break = you as a new home owner.
It all adds up to a buyers market
Are you in or out?
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