Still Waiting For The Housing Bubble To Burst?
There are jaw-dropping, bargain basement buys out there, and we Louisville Agents are scratching our heads and looking at each other, asking:
Why Aren’t Buyers Jumping All Over These Deals?
Of course we all know what time in real estate history we are living in. For millions of families across America, unemployment, underemployment, job insecurity, and overall fear of the future makes purchasing a home difficult to downright impossible right now.
Foreclosures signs dot the landscape everywhere – even here in Louisville. Once always thought of as a market that was immune to falling home prices, Louisville too has been hit by this economy, though not nearly as profoundly as some pockets of the country.
If you are one of the lucky ones in a position to buy a home – what are you waiting for ?
Here are 6 Key Reasons You Should Be Taking Advantage Of Today’s Buyer’s Market:
1. Lowest Home Prices In Years.
Homes in Louisville have not been this affordable in decades. Buyers who have jumped into the market in 2011 have grabbed up incredible bargains. And it’s certainly not too late to grab up a bargain of your own. But delaying could be a mistake: many real estate gurus are predicting prices to inch up in 2012.
2. Interest Rates Are At Historic Lows.
Let’s put these 50-year-low interest rates in perspective: If you were getting a $200,000 mortgage a few years ago your interest rate would have been approximately 6 %. At a rate of 6%, your monthly principle and interest payment, would have been $1,331.00. That same $200,000 mortgage today, at a rate of approximately 4.25%, would be $999.00. That’s a savings of $332.00 per month, and $3,984.00 per year. That’s a substantial savings.
3. Interest Rates This Low Will Eventually Rise Again.
As the economy slowly but surely recovers, interest rates will very likely rise, which will impact your monthly mortgage expense. This could add hundreds of dollars to your monthly house payment.
4. Many Lenders Are Offering Low Closing Costs.
Banks and other lending institutions are aggressively competing for your business by offering low closing costs which can save you several hundred dollars at the closing table.
5. Home Builders Offering Deep Discounts And Incentives.
In an effort to compete with Sellers in the resale market, home builders anxious to sell off their inventory are offering almost unprecedented deals to Buyers. Here in Louisville, some builders are offering to finish basements as part of the sale, throwing in upgraded appliances, and even offering to pay your closing costs.
6. Sellers Are Eager To Sell.
In the 20-plus years I have been selling homes in Louisville, I have never seen the extent to which Sellers will negotiate today. Before the market shift, it was not unusual to see homes sell at 100% of list price. Today’s Sellers are accepting much lower prices and many are also offering to pay Buyers’ closing costs. Sellers are also much more amenable to making home repairs in an effort to hold the sale together. These combined factors equate to huge savings for you.
So again I’ll say, what are you waiting for? Buy a home today – or regret it tomorrow!
Please tell me your thoughts! Leave me a comment or feel free to write me: Jacki@TheShaferTeam.com . If you’d like more information about buying a home in Louisville, Oldham County, Henry County, Shelby County, Bullitt County – anywhere in the metro Louisville area, our Team is here to help. Call me @ (502) 643.7653.