Yesterday, I posted the top three good reasons why now is a good time to buy a house from a publication from Keller Williams Realty International entitled “7 Reasons Why Now is a Great Time to Buy a Home” . Today, two more good reasons why a buyer should buy now!

To recap the top three reasons to buy a house:

1) Homes have never been more affordable.

2) Mortgage rates are at rock bottom and won’t stay there forever.

3) Prices are trending back up.

Numbers 4 & 5:

4) Sellers are Motivated. There are more houses on the market than there are buyers. This creates a ”Buyer’s Market”. This is where we are now in the Baltimore real estate market as well as the rest of the United States. Across the US, the average supply is 12.5 months, meaning that for all of the homes currently on the market, it would take over a year to sell them all. What does this mean for buyers? Sellers who need to sell, NEED TO SELL. They may take a reduced price, or give concessions to make their home stand out above the rest and get it sold faster.

Short sales and foreclosures have been adding to this mix, with 32% of home sales since the beginning of 2010 being distressed. So many sellers are making their homes nicer, with lower prices, to attract buyers to their homes. What buyers may have had to compromise on before, many don’t have to now!

5) Lenders are Back in the Game. After awhile of very strict lending standards, and some banks not lending at all, many are now reentering the purchase market. Standards are still strict, and much more documentation is required of buyers, but if you have steady income, decent credit, and can afford payments, banks most likely are going to give you a loan! My friends from both Wells Fargo Home Mortgage and First Mariner Bank tell me they have many more programs opening up to so many more buyers than even a month ago. This shows the confidence these lenders have in the marketplace!

——————————————————

With the extremely low interest rates right now, low house prices and high number of homes on the market, plus these two important reasons of sellers being motivated and lenders more willing to lend money, now could be the best time possible to buy a house in Baltimore. Contact me and I will help!