A QUICK BIT OF ADVICE:
For those of
you thinking of buying real estate, there is NO time like NOW!! I know the economy is still in peril and unemployment is in double digits. BUT, if you are financially secure, and thinking of buying a new home, or some investment property, the facts of the market are strongly in favor of a move as soon as possible!
First, due in large part to the foreclosure situation and the mortgage crisis, housing prices have fallen far from their 2006 peaks. The national median price is now down to $178,000, which means, folks, that not only is THAT price down, but there are a lot of homes in good condition priced below that figure.
Second, mortgage interest rates are way down. Rates for 30 year fixed rate loans are below 5%!
Finally, if you need additional reasons to buy, the so-called "first time Buyer" credit was extended into the spring. You even don't have to be a 1st time buyer in some cases. Check your accountant. Then, start looking, get a loan and buy!! I guarantee that no matter how slow any recovery may turn out to be, prices won't stay this low by the end of 2010.