With the turn of the new year we have seen a very unique market in local counties. Economsits, real estate professionals and lenders have shared continuously that it is a GREAT time to buy. In fact, just a few weeks ago Warren Buffet stated in an interview in the San Jose Mercury News that anyone who has money invested anywhere (stocks, bonds, etc) should pull all of their money and RUN, not walk, to a real estate professional and buy a home. Well, this says it all.
But what does it mean when people say "it is a great time to buy". For one, interest rates are historically low. This means not only are you building more equity over the term of your loan (more of your payment is going to principal), but you are also getting a better value when you purchase. Secondly, we have officially hit our low. Home prices have consistently stayed at all time lows for the past 9 weeks, and in fact have dropped lower than our historical drop in February 2009.
This is a prime time to buy, and qualifying is much easier than you may think.
Feel free to contact me with any questions or to discuss your possibilities to buy.