Now is the best time to buy a house in several years

Posted by: Barry Karch on October 24th, 2007


Yes – 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 didn’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 buyer’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.



5 Comments on “Now is the best time to buy a house in several years”

Cathie McKendry

Barry- today is the first day I had a chance to see the blog post on HomeGain. I have to say that we all have to start going against the masses (the Media) and put a good spin on this market. I am still doing business ,taking listings and closing on properties.Of course it is not as progressive as the past few years but I have been around awhile and all we are seeing is the return of the normal market, only with great interest rates. When we listen to the media report all these numbers buyers need to understand these are National numbers, not local to the area they are buying in. Some of the terms they hear, like short sale, are new to our buyers and we have to know how to take the time to explain to them the process to get to closing with this type of purchase. Also, not every home on the market has a seller in trouble. This comes with the media making it seem that everyone in the United States about to go into foreclosure. We have to start offering to the buyers a new approach to educating them in the real estate market.

Our voices are not being heard and by posting blogs maybe we can get the word out. As you say: yes, it is a great time to buy.

Thanks for a great post.

Ken Smith

No question that this is a great time to purchase a home. It is amazing how people react to the media and act like deer in headlights. When rates and prices are low it’s time to buy, not once it turns back into a sellers market.

Ed Nass

I agree. The time to buy is now. Its a buyers market right now. Its a perfect time to negotiate and get the best deal because the sellers are eager to sell anything they can. Go against the masses and reap the rewards of the future.

Buy Buy Buy..

Alex Greben

I think it should get better. I know homes are not getting cheaper to built. The price of building commodities isnt going to come down.

Alex REO Agent

I’m getting more and more people interested in reo’s. Its a great time to find some deal. Banks are being pretty flexible, also watch for price drops sometimes they can be dramatic if the listing didnt sell for a couple months.

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