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Warning: Home Buyers Buy Now, or Forever Hold Your Peace
September 10th, 2009
Warning: Home Buyers Buy Now, or Forever Hold Your Peace
Are you a Clovis home buyer who’s been sitting on the fence? Your wait may be over. That’s what we learned yesterday at the National Residential Economic Report conference which forecast the housing market conditions for the next 5 years. The result? The Clovis real estate market is about to change from a buyer’s market — to a seller’s market.
For the past 3 years, many Clovis home buyers have been sitting on the fence — waiting for prices to bottom out — in order to get the best deal possible. Not a bad idea when you think of all the money they’ve saved. But here’s a economic fact: No one can time the bottom of the market. Why? Because no formula or data set can calculate when that will happen. Even the best economists and real estate experts can only ‘guestimate’ when home prices will start to increase for good. But one thing is for sure, all economic indicators say the same thing — we’re getting close to the bottom.
Clovis Home Buyer Tip: Buy now before the Buying Frenzy
While waiting for the best deal is smart, it can also be costly if you mistime buying a Clovis home. Here are the projections of the Clovis real estate market:
- There is now, and will continue to be, a shortage of Clovis homes for sale.
- Low prices will continue (we’re at an all-time high for home affordability).
- Foreclosures are drying up, leaving even fewer Clovis homes on the market.
- Mortgage rates will remain low.
Combine all of these factors together and you have the makings of a “perfect real estate storm.” No, prices won’t shoot up like years past (they’ll remain low because lending will remain tight), but the demand will pit buyer vs. buyer. Right now, most Clovis home buyers can make an offer and not worry about competing with another Clovis home buyer. According to the real estate economic report, however, that is about to change.
Summary
If you’re a Clovis home buyer there’s never been a better time to buy a Clovis home. For the past 3 years it’s been a buyers market. However, that’s about to change. Don’t wait too long and miss out on a golden opportunity to buy a beautiful Clovis home. Contact us today and let’s go house-hunting. We’ll help you buy the best Clovis home available before there’s multiple offers on every Clovis home for sale and you’re left stuck with the leftovers.
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