During the home buying boom years between 2003 -2005, there was a rush of buyers wanting a home and this put the sellers in the driver's seat and calling the shots. Since then real estate market has been slowing down in many parts of the country now the buyers are in the driver's seat.
Several reasons for buying a home now:
1. There are plenty of homes on the market in all price ranges
2. Prices are competitive
3. Interest rates are very affordable
4. Sellers are ready to bargin
5. Builders are willing to offer attractive inventives on new homes
First-time home buyers are choosing to keep renting and "play safe" and opting to postpone the opportunity to build wealth in home equity. Owning a home could easily cost no or little more than paying rent. Also, this market is seeing a tightening in rental availability and rates are rising.
No one can totally predict the peaks and valleys in the housing market. If you sit on the "fence" waiting for the best deal, you may miss out on the opportunity to become a homeowner. Remember, there are great tax benefits received by homeowners and they can accumulate equity with a relatively small investment.
It's always a good idea to enlist the services of a licensed realtor who can help you find your perfect home. An experienced agent can work with you through the entire process and answer any questions you may have.
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