"It's the best affordable housing program we've had in the history of this country", Karl Case, a Wellesley College economics professor was quoted in an article written by Gita Sitaramiah in the St Paul Pioneer Press Sept 1, 2010.
What Karl was referring to was the oversupply of housing on the market, coupled with current historic interest rates that are hovering around 4.5%. This has indeed created a perfect storm for buyers in this market. In todays' housing market, buyers have an unbelievable opportunity to capitalize on something we have not seen in the history of this nation!
So - why aren't we seeing more activity from buyers? The current economic state is probably the best answer to that question. Buyers are feeling a little uncertain about the unemployment indicators and the general economic strength of our country. For those buyers willing to move forward tho', the opportunities abound.
We are actually seeing an uptick in home-buying from our more economic-savy clients, who realize the key to good investment is to buy when the market (housing and interest rates) is low! They recognize that with less competition for their offers, they are in postion to negotiate with sellers for unbelievable deals, and coupled with the low interest rates, they will be able to expand their purchasing power!
Timing is Everything! Buyers that step out into the market now will be seizing rare opportunities!