1. Interest rates remain under 6% and some sellers are contributing to closing costs
2. Home prices are at the bottom and home appreciation will come again
3. Inventory is at a peak!! Over 2,500 single family homes on the Charlotte MLS under $100,000. A buyers market and sellers are willing to negotiate price
4. Federal government may contribute $8,000 to the buying of your first home or $6,500 if you have lived in your current residence for at least 5 consecutive years in the past 8 years. The credits cannot be used on homes more than $800,000.
This is my 4th recession and have been in the real estate industry during these recessions and I have not experienced a real estate Perfect Storm – we are living this opportunity today but we know when it will end. April 30, 2010.
Someone told me that it is a lot to think about! What is there to think about. It will not get any better than this. If you believe real estate will regain its value over time by appreciation and you will stay in your new home for over 3-years, you should take advantage of this perfect storm.
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