“Hi Gary. Im writing in response to what you wrote Friday about it being a great time to buy a home. My wife and I looked for a home a year ago and things were so bad, we gave up. Prices were too high and we kept getting beat out by other buyers, even when we offered full price. Things are different now. We started looking again in February. Just like you said, prices were down a little and we were able to get a smokin deal on a really nice 4-bedroom home University City. Plus we got the owner to pay $10,000 of our closing costs. Were thrilled. Why do you think the market is so good to buy right now?”
***ANSWER:
Its simple supply and demand.
Due to negative media coverage, many homebuyers are afraid to buy a home at the moment, causing many homes to sit on the market, unsold.
This creates a window of opportunity right now to go out and browse the bloated inventory of available homes and negotiate a good deal on a home that meets your needs.
Thats radically opposite from a year ago. Back then, you were considered lucky to overpay for house you didnt even like!
