If you're considering purchasing a home, it seems hardly even imaginable that there could be a better time to do so.  Interest rates are low.  The supply of housing is abundant.  Builders are offering great deals. And finally, after months of resistance to lowering prices or making concessions, sellers are dropping prices. Plus, Uncle Sam is taking direct action to shore up the housing market with legistation.

Even more interesting is The American Recovery and Reinvestment Act of 2009 authorized a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

NOW EXTENDED and expanded

More reasons to buy

Sellers of existing homes have come to the realization that they are going to have to relinquish more in negotiations in order to sell their homes.  Yes, buyers are now fully in the driver's seat.  In addition, while home foreclosures are unfortunate, they present unprecedented opportunities for buyers who are prepared to purchase.

Attempting to time either market is incredibly difficult.  But it is much easy to know when the market is down - and it is down now. 

In fact, it may even be better to purchase prior to the bottoming out in the market. Why?  Because once the bottoming occurs there is a clear and definite power shift from the buyers back to the sellers.  In a bottomed out market, that shift in power is similar to what occurs at the top of the market but in the opposite direction.

That's why, in hindsight, we can see many examples of sellers who sold just prior to the market peak who had amazing leverage with their buyers. They were able to drive the very toughest bargains for their own advantage. They maximized their selling advantage.  Now it’s the buyers’ turn to be tough before the tide changes once again.

Rising prices ahead - This is a limited time sales event!

Chris DeLoach, ABR