In reading blogs and editorials in many newspapers I am seeing folks literally scream about how it is a great time to buy a home. Low prices, low interest rates, etc... have been the most used terms for trying to get people to put their signature on the dotted line.
But is it really a good time to buy? Low prices are not low if the market will not pay the higher prices. The lower prices based on last year or past years may be good for advertising but it is not a reason to buy. What is low? What is high? We know as Realtors that the market price is the price that a buyer is willing to buy the home at and the price the seller is willing to sell at. So in reality low doesn't come into question. Like our former president said, "It depends on what your definition of is is"
Lower interest rates are also in question because you have to have a perfect application to get them and not many will qualify based on all the guidelines from Fannie and Freddie that bump up the rates for most people.
The tax credit only helps those first time buyers and not others.
I try to have my customers look at the big picture. I think they appreciate the honesty and not the hype.
