Top 3 Reasons to buy a property NOW

Nancy Trekker urgently wanted to buy a home in August 2007 because her cousin, aunt, brother-in-law, in fact almost a dozen of here relatives bought  a home or upgraded in a short span. Normal human behavior dictates to follow what others are doing or rather follow the herd. This is the very reason why there is a steady stream of buyer interest in a sellers market i.e. the urge that every one is buying so I should buy as well. The after effects of this is fewer homes available for sale than buyers. In effect this drives up the market, thereby increasing the property values.

Market conditions in late 2008 where expected to normalize at a stable level. Thanks to the US sub prime mortgage tsunami in late 2008 which pretty much swept the entire global economy. This has not just affected the stocks, energy and other commodities but every market is effected and real estate is no exception. There is a general sense of fear and as always there are conspiracy theories. Some predict that the world is coming to an end and urge to hide in our comfort zones while some preach the opposite. For anyone considering a real estate purchase for personal or investment purposes, however, there is a silver lining to these dark economic times.

Knowing when to buy and sell, and making wise purchasing choices, will greatly increase your ability to make money and protect your investments in the real estate market which is a great investment strategy.

Why is it a Buyer's market?

After several years of a seller's market, it's finally a buyer's paradise because:

1. Fear: Most people listing[or wanting to list] their homes are panicking that worse is yet to come and there by they will be "stuck" with their home and will not get a "good" price.
2. Unemployment rate: At 6.6%, many home owners who lost jobs and did not cushion for rough times want to sell and move on.

Why should I buy now?

For the real estate investor or first time home buyer who has good credit, decent income, and the money for a down payment, current market marks an excellent financial opportunity.

1. Low interest rate: At 3.5% variable, rates are really low. 5 year locked rates show a narrow growth over 5 years which means the bank predict that the rates will remain low for some time.
2. Better Prices: With challenges mentioned above for sellers, the prices of some homes are seriously lower compared to others in the same area. 
3. More Choices: Since the fear syndrome is wide spread, there are fewer people out there looking compared to the number of homes on the market. Buyers can take more time searching for the right place.

The first step in taking advantage of the current financial climate is to get pre-approved for a mortgage. From there, you can begin the process of searching out great deals in the housing markets. 

Most of Nancy Trekker's friends and relatives would not be buying because of the fear syndrome but if she is wise she would make an investment now.