It’s hard to forecast what the future holds, but here’s one prediction for what we’ll see in 2009 ... It will be a good time for first-time buyers with a secure job and solid credit to take the plunge and become homeowners!
If you are employed, have a credit score of 650 or above, and don’t have another home to sell, you are looking at a great opportunity to buy in 2009. Mortgages are at 50-year lows, inventory is high, and sellers are motivated. Loan rates have already dropped to 5.3% and there’s talk of a Treasury Department plan that would drive rates down as far as 4.5% in the New Year if enacted. Buying a house has not been this affordable in decades!
The slow-down in home building this year will eventually catch up and the supply of new construction properties could be more limited as 2009 progresses. But bank-owned properties will be put back on the market at some point, offering reduced-price options.
As always, it’s important for buyers to seek professional representation in your quest for a home. An agent’s negotiation skills and knowledge of the latest housing market changes are essential to getting the best possible deal. Consult with an agent now so you’ll be prepared to purchase in the New Year.