Main Content

Home » Why I Think NOW is the Time to Buy

Why I Think NOW is the Time to Buy

Real estate experts have been saying it for years, that now is the time to buy property. And while it’s true that buyers who’ve purchased property over the past couple of years likely got a fantastic deal and a low interest rate, the residential real estate climate for buying has never been better than right now. But buyers beware, it’s time to act quickly and aggressively, or you may miss out on the low prices and historically low interest rates.

Why is now the time to buy?

Interest rates are at historical lows. Just a couple of weeks ago rates on a 30-year fixed dipped below 3.5%. To give some perspective on what that means, rates for the same loan product hovered around the 7% mark a decade ago in 2002.

Prices are still low. Sellers are still eager to sell and the market is still riddled with short sales and foreclosures, resulting in great deals. It’s the perfect time to get into a neighborhood or building that would otherwise be unattainable.

But hurry, because prices are going up. The low prices and low interest rates, paired with a lack of inventory is creating some stiff competition in the marketplace, resulting in a small uptick in prices. And believe me, buyers in today’s market are aggressive. On the past three contracts I’ve written, all of the listings had more than one offer on them at full asking price. I recently had a buyer even go over asking, and his bid still wasn’t high enough to secure the property. Because of this ferocious competition from buyers and investors alike, prices will go up. And while I don’t expect prices to rebound in double-digit percentages within the next few months, they are slowly increasing. Why wait a month or two when you can get a great deal now?

For information on getting started with the buying process, email me at Blair(dotted)Branch(at)ColdwellBankerAtlanta(dotted)com