In my opinion it is a great time to buy a home but not everyone shares my view. Some analysts believe we haven’t seen the bottom which is scary. One thing is definitely certain…many properties are selling at prices well below the cost to purchase the bricks, sticks, and land to construct your own home. If you are a first time home buyer entering the market then you are well positioned to scoop up a distressed home selling well below it’s actual construction cost. That being said, it may be a lot easier to find the house of your dreams than to actually obtain financing for it. We all know there was a great deal of fraud and foreclosures in years past which has resulted in tougher lending standards. If we want to obtain a low interest rate (historically speaking) we’ll have to show good income, a large down payment, and a top notch credit score…..a far cry from yesteryear.
The following article by Jim Gallagher with the St. Louis Post-Dispatch really sums it all up – Jim Gallagher St. Louis Dispatch. It paints a pretty accurate picture of where the market stands – in my opinion. As I stated above, it seems like a terrific time if you’re able. If you do finalize the purchase of your dream home don’t forget the importance of a comprehensive home inspection. Our company provides the best home inspection in SW Florida. Inspecting homes and protecting our clients interest is our passion – put Maggiore Inspections to work for you