You hear it daily, from your friends, your collegues, people just passing you on the street. You read it in every newspaper headline, people constantly saying that the housing market is down, with Short Sales & foreclosures rising at an alarming rate. Mortgage markets so frozen, that buyers have no hope of getting a home loan at any price. WRONG...! Despite the turmoil in mortgage lending, if you have good credit, a job and steady income, you will find there is still plenty of mortgage credit to be had at good rates with the housing to be less than affordable for ALL well-qualified buyers. With the decrease in pricing across the Treasure Valley and throughout all Idaho Real Estate, as well as with lower interest rates, the affordability is at it's best level in almost 4 years! Did you know, that interest rates are running at near historical lows?
What buyers need to know is that the housing market, like all markets, has its' ups and downs. And homeownership has a track record that is virtually unmatched by any other purchase in terms of its real benefits. Looking for a long-term investment? Homeownership is still one of the best investments for individual households.
There is still a lot of inventory of homes on the market in the Treasure Valley area, true! However, for the 5th month in a row inventory levels are below what they were one year ago! July 2008 was the first time that this had happened since the begining of 2006! Right now, inventory is DOWN 4% from October 2008 and 3% lower than this time last year.
Think about the benefit: If you can find home at a great price, whether it be a short sale, bank owned, or just a regular residential sale, and you have the ability to purchase, don't wait! Don't wait for homes to get to their all-time lowest, or interest rates to fall farther than they have already, because you will never catch that point nor will you ever know it happened. You will never see it coming, until it starts to rise again, and by that time you will have missed it.
There are lots of choices, but at better prices and with lower interest rates! Why wouldn't TODAY be the best time to buy?