Why Now is the Best Time to Buy
Homescape: Why Now is the Best Time to Buy
Steven Hyman, a real estate broker and blogger at Homescape, calls the time of year from Thanksgiving until the Super Bowl the “white death,” because of the general slowdown in real estate activity. Potential buyers are busy with the holidays and don’t spend much time shopping for homes, and sellers are left alone, willing to cut a deal. Hyman says this means the “white death” is a good time to buy:
In my opinion, the cool down periods are the best time to start your home search. For those home sellers who can’t wait for the peek selling season to put their homes on the market, time is of the essence. If the sellers don’t make a deal now, it may be a long, cold and lonely winter till another offer materializes. By then, their home may lose some of its appeal from being on the market too long. With limited competition during the slower months, home sellers will be more open to negotiate deals that could be favorable to the buyer.
Of course, that means you have to be able to get a loan. Credit markets are still tight, but surprisingly, Mary Umberger from the Chicago Tribune says that 34 percent of first-time home buyers in a 2007-8 study financed their purchase with no money down. While we would typically recommend against 100 percent financing (the old rule of thumb used to be 20%), such numbers are a sign that qualified buyers with proof of income still can secure a mortgage.
