As of 4:40 Mountain time today, the Dow has bounced back 485.21 points after the fall that took place in yesterdays trades. With the country in turmoil as the weight of this '$700B bailout' hangs in the balance, I believe it is an ideal time to purchase a home.
I often hear 'buyers' say that they want to wait it out.... wait until things settle.... wait until the election is over. Why? Why wait until every other buyer out there is comfortable? Because there are so many uncertainties out there, why not take advantage of this Buyer's Market, and take the leap of faith. I have seen it is price drops and heard it in seller's voices the willingness to negotiate to sell a home. Contrary to popular belief, one can still obtain a loan for a home. It is not as easy as it once was, but it is still possible. The lenders won't even prick you for a blood sample. (Bad joke). While it can be scary to get preapproved and open up yourself to that vulnerability, it is best to know now, rather than later, if there are any items on your credit report that you need to take care of. Who knows, you may even be pleasantly suprised by how much the bank is willing to lend you.
While there is uncertainty in the housing market, the beautiful thing is that the housing market has always bounced back. We have gone through slumps time and time again; It is a cyclical market, and if waited out, buting property will remain a way to make money while providing a 'better life' for ones self and family. I see prices drop, here and there. Some things that the market is doing make no sense to me or the other professoinals I talk to who also work in the real estate sector. It seems that this market is not following by any standard set of rules that we are used to. This is not a bad thing, it is just something we need to be aware of.
If you have any questions and would like to discuss anything further, please feel free to email me or call me directly at (208) 850-1822.
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