What is the housing market doing today? That's a loaded question, for sure! It seems as though you need a crystal ball to see into next month or even next week. For the most part, sales have increased about 8% over last year. That's good news. However, prices have declined by as much as 17% within that same timeframe.
What does this mean for a buyer?
- The rates are the lowest we've seen in years
- If you are renting, you may be able to own for less than what you're paying for rent
- Inventory is abundant - lots of properties to choose from
- Tax incentives make it even MORE attractive to purchase a home
- Buyer's are in the driver's seat, for the most part
Do your homework, and speak with a mortgage broker. Understand how much you can comfortably afford to spend. Work with a Realtor. Trying to negotiate a sale of this magnitude without professional help is not wise. In most cases, it's the seller who pays the commission. Working with a buyer's agent allows you to gain professional guidance for free.