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4 Big Signals that it is time to Buy in Southern California
| | Wednesday, October 18, 2006 @ 11:55 AM EDT
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Contributed by: Rorys32
Rorys32 Properties
Read more archived articles about Buying
This is a very important week of news regarding the pulse of the market. Now that interest rates have notched down again, buyers should be seeing a big signal.
If and when interest rates notch down much more, we are going to see a huge surge in Mortgage advertising again. The effect this will have is to start the sideline buyers into the market. This will be the “Big Signal” that they have been waiting for. A significant piece of information is that even though inventory on market has been up all year, that it is starting to slowly dwindle. This means a constant decrease in supply. Only a little economic incentive boost will be required to drive the sideline buyers to flood the market. There are many people angry that they missed the first round of the buying frenzy.
The rule is to buy low and sell high, right? According to the National Association of Realtors Chief Economist, now is the bottom of the housing slump.
As a home buyer, you have these four factors working for you:
1) Prices are expected to come down slightly in the short term (on a case-by-case basis)
2) The Chief economist of NAR said that this is “the bottom” and indicates that you would be buying at a good time of relatively lower prices.
3) The FED has allowed the lending interest rate to notch down slightly. Here is the interest rate locking information to give you an idea of your timeline.
4) All of these factors together indicate that now is a great time to buy.
Is the near future going to become a more favorable time to buy?
It has been a while since there have been some solid pointers to an advantage for buyers in the market, particularly something with the words, “THIS IS WHAT YOU ARE WAITING FOR”.
Now my opinion on the market has changed from Yellow light, to positively Green.
Here is what could happen if you wait:
The worst thing that could happen is that interest rates notch down too far again. That could switch optimism into a buying frenzy. The reason that is bad is because it automatically flips the switch from a buyers market back to a seller’s market.
To learn more about Real Estate in Southern California and Orange County, visit Laguna Niguel Real Estate
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