March has arrived and spring is just a bit closer. For many buyers, the uncertainty in the market continues and the ongoing question of "Should I buy now or wait?".
While we cannot say if this is the right time for you, we can say that many buyers are deciding the time is now. The year to date sales numbers reveal that residential home closed sales are up 41% for January/February over the same period in 2008. There have been 1268 closed sales vs 899 in 2008. What is driving these numbers? For one, the significant drop in the median home price. Homes and condos are available at prices not seen since the early 2000's. Also, buyers are also snapping up deeply discounted short sale and bank owned properties. Many of these buyers are taking advantage of this market to buy their first home and their belief is these prices may never be this low again. Others are investors willing to fix up neglected and abandoned homes which will make excellent rentals. Either way, if you are considering purchasing a home, the timing is excellent with loans available to qualified buyers and a huge inventory of properties to choose from.
Call us if we can help!