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With all the negative 'hype' in the media, it's easy to be confused about whether you should be a homeowner or not. According to the media frenzy, owning a home right now is the scariest thing to do! The reality of the situation is that there's nothing farthest from the truth. In fact, out of the total households in America, approx. 30% of the homes are owned free and clear! The foreclosure market only accounts for approx. less than 1% of the total mortgages in the country. Of course you don't hear about the other 99% that are paying their bills on time and building equity! Here's a website that should be viewed by ANYONE considering buying a home right now:

www.housingmarketfacts.com/

Top 10 Reasons Why It's a Great Time To Buy:

1. Selection, selection, selection.
Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.

2. No bidding wars.
In 2005, it wasn’t uncommon for buyers to make offers on multiple homes. They lost many offers to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today.

3. You can make an offer.
A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell price vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse."

4. Patience is tolerated.
In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.

5. Due diligence is welcomed.
In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage.

6. Plenty of specs.
Buyers sometimes had to play games if they wanted a newly built home. There were lotteries and waiting lists. Some buyers even slept in their cars in order to get to the head of the line.

7. Repair requests are accepted.
After buyers complete a home inspection, they're allowed to submit a repair request to the sellers. But in the past, sellers often insisted the home be sold as-is. Many times, there were back-up buyers waiting for the primary buyers to upset the sellers, whose home was increasing in value almost daily.

8. Few, if any investors.
It's estimated that one third of all sales in 2005 were to investors. These buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.

9. Location, location, location.
Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.

10. Real financing is available.
The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business. The bottom line: It's a great time to buy real estate!

Well 2008 is here and its time for a fresh outlook! I took a long, hard look at the state of the current market during 2007 and it was made clear to me that things were definitely not as bad as the media predicts! The media is infamous for making sensational stories - that's what makes interesting reading! They wouldn't attract as much attention with the headline

"Now is an exceptional time to jump into the real estate market! Prices are low, sellers are extremely motivated to sell and interest rates are historically low. Historically, real estate values ALWAYS appreciate making 2007 a perfect time to make an investment."

Consumers are move apt to believe the headline "The sky is falling!" When looking back at the last 50 years, the media almost always recommended against buying property at the BEST time. Consider this quote:

"A home is where the bad investment is."
                ~San Francisco Examiner 1996

Anyone who bought a home in San Francisco in 1996 would sure disagree with that statement! I think we all wish we bought home in San Francisco in 1996 - we'd make a fortune! Consider this quote:

 "Housing experts predict price rises in the future won't be that great. The median price of a home today is approaching $50,000."
                ~National Business Review 1977

One thing remains constant in real estate - prices will always increase. There are things you can count on: the cost of living will always increase, average wages will always increase and property values will always appreciate. Real estate has been and will always be the best investment - ask Donald Trump!

So when you're considering whether to buy a home in the near future, ask yourself "Can you afford NOT to buy a home right now?" I'm certain in 10 years we'll be reading the current headlines and saying to ourselves - I WISH I MADE THE MOVE TO BUY PROPERTY IN 2008!

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