For a long time the ‘the economy’ seemed to be just some distant abstract notion. Talking heads on Sunday shows jabbered about it, made predictions or shied away from making predictions about it, and life went on either way. Certainly local homeowners would decide to put up their homes for sale and prospective buyers would look for local homes for sale without first checking on the state of ‘the economy’. Remember those days?
Then the whole thing seemed about to crash (and just missed doing so). People started to pay attention as their own lives became affected. Soon everyone began to pay attention, and to hesitate before making plans.
And now we have a situation where the economy is…headed up? Headed down? In a stall? About to stall? It’s anyone’s guess. It’s no wonder why individuals and families have been waiting for ‘the economy’ to declare itself one way or the other before making major decisions (such as beginning to hunt for local homes for sale).
When there’s uncertainty in the air, it does not create a comfortable atmosphere for making large commitments. But there are major reasons – comfort aside – why the atmosphere this March may be perfect for beginning to seriously investigate area homes for sale.
In any market, buyers find options when inventories are strong. The uncertain financial conditions have led to precisely that situation. If supply were the only factor, now would certainly be one of the best times ever to look for local homes for sale. It also makes it much more likely that you will be able to find precisely what you desire…and probably at an affordable price.
Low financing rates
One factor about which there is no uncertainty at all is this March’s financing rates. Rates are famously low, and most of the aggressive financial products that were associated with mortgage shenanigans have already been discontinued. First time buyers can check out the FHA to find out what options are available. And if you look at any historical chart, you will see how the squiggle is scraping along the bottom – the ‘good news’ area for homebuyers!
Discounts from builders
Many builders have grown keenly interested in saving their credit by clearing out inventory. In this kind of buyers’ market, it’s not unusual for potential buyers to ask for improvements, price reductions and discounts on closing costs.
The only thing that is certain about the future is that whatever is happening today, sooner or later it will change. When it’s widely agreed that ‘the economy’ is roaring back, the factors that are so favorable now will change with them. That’s why I believe that for area homebuyers, Uncertainty + Homes for Sale = Good News!