The news media continues to print negative reports about the current real estate situation. There has to be a ‘silver lining' somewhere. Yes, the inventory is higher than normal, there are many foreclosures and short sales affecting the value of homes in just about all communities and the overall economy is weak. But, there are some positives as well. The interest rates remain extremely low with a potential to be reduced to 4.5%, there are some excellent opportunities for first time home buyers with FHA loans, many potential home buyers can now actually qualify and afford to purchase a property and there is a sizable inventory from which to select from . Real estate is still a good investment as over the long term home prices will increase.
Dec 8, 2008 Inventory Charts: (courtesy fo Maggie Clark - Equity Title)
This is a ‘buyers market' - potential home buyers should be motivate get off the fence and take advantage of the current real estate opportunities.
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