 It's obvious that the best way to make money in real estate is to buy low and sell high. The best strategy for real estate is to purchase when the conditions are in the favor of the buyer. A buyer's market occurs when the number of homes on the market exceeds the number of buyers. Today's real-estate market is leaning increasingly towards buyers as inventory levels spike and foreclosures grow to record levels. With the current slump in the housing market and interest rates teetering around lower rates, the market has never been a better time for buyers, especially first time buyers. According to a recent AP article states that U.S. home prices have fallen across the nation for the eight consecutive months. And many sellers are in a must-sell position since they've lost so much equity or fallen so far behind in mortgage payments and may take little or no profit from the sale of their homes. As a result, many markets are highly conducive for buyers to find great deals. Some of these markets include Florida, Utah, Arizona, and the D.C area. In some cases you can by a house for 5 to 10 percent below the asking price. According to economist Mark Zandi, "We are half way done in terms of price decline. Prices are down about 4% and I expect another 4% to 6% drop-off. Home prices in early 2008 will be back to where they were in 2005." Whenever there is a surplus of homes, and prices begin to drop, sellers will work harder to attract buyers, including added incentives. "Incentives are all over the place," says Salli Kirkpatrick, founder of SK Associates. "No closing costs, no payments for six months, $10,000 toward a built-in swimming pool. Things have gone berserk," he added. There has never been such a wide range of incentives available to a buyer. Buyers should take advantage. Ok, so let's review. There is plenty of housing inventories to choose from. Sales are slow, prices are falling, some sellers are offering incentives, and interest rates are historically low. Sounds to me like a great time for buyers to get into action and make some great deals. For more information visit: http://www.butterflylister.com/About-Us/Contact-Us.htm. (Posted by: K.Skowronski)
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