Yes â€“ contrary to what the media is saying, now is a great time to buy a house.
People who tried to buy a home in the last couple of years often found it to be very difficult. There frequently were multiple buyers interested in the same property forcing buyers to pay over full price.
Also, homebuyers had little leverage to negotiate repairs after a home inspection because if one homebuyer didnâ€™t want to accept the home as is, there would be several others who gladly would.
Well, now the pendulum has swung and the homebuyers have the power.
Prices have come down and buyers can still negotiate even lower prices. Also, sellers have to meet buyers repairs demands or risk losing the buyer and having the home sit on the market a long time until another buyer comes along.
Additionally, interest rates have fallen a bit, which helps make homes even more affordable.
Like the stock market, money is often made by going against the masses. If homebuyers purchase a home now in this buyerâ€™s market, they should be well rewarded in the future when prices start going up again.
Barry Karch is a real estate agent with Prudential BKB Realtors in El Paso, Texas.