BiggerPockets

Is The Housing “Field” Ripe For Harvest?

Thursday, July 07

Amidst the doom and gloom, housing bubble, and now, the double dip, many home buyers are still doing the plunge (and taking the risks) of purchasing a home.  If you are planning on buying your first or nth house, you may just as well be pleased to know that the real estate market is quite ripe for the picking – with many properties for sale, say, in Pace real estate included, and in low or affordable prices!

According to the housing survey done by Fannie Mae (1st Quarter of 2011), 67% percent of the respondents believed that it is a good time to buy a house, up two percentage points from the fourth quarter of last year.  Also, 66% of Americans believe buying a home is a safe investment, up two percentage points from the fourth quarter of 2010.

In this city alone, there are about 400 or so Pace homes for sale listed in the market.  Generally, when buying a home, it is much preferable if the local housing market is favorable to most buyers, and in this case a buyer’s market.  In some markets today, one can avail a home which is said to be either 5% or 10% lower than its offering price.  If an average home costs $200,000, then a buyer can save as much as $20,000!  Not only that buyers can avail of homes at bargain prices, they can also take advantage of other incentives such as coverage for closing costs or even the seller’s tangibles in the house. 

Of course this very promising fact should not get home buyers too complacent.  Be it said, they should still do their homework.  Research on the local market trends as this may sometimes be different from the national.  Home prices in other states and cities may still be relatively high but sales are still fast.  These days though, there are many local buyer’s markets out there compared to a few and select seller’s markets.  That’s why many experts are attune in saying that the time is ripe for home buyers to do their harvests and pick among the bountiful homes for sale in the market today, Pace homes for sale included.