Monday, February 25, 2008

It's a Great Time to Buy a Home

The National Association of Realtors just reported that sales of single-family homes and condominiums fell against in January. This means existing homes fell for the sixth straight month, putting more inventory than ever on the market. The median price of a home sold also fell to just over $200,000, a 4.6 percent decrease from a year ago.

Although January saw another decline, it was much less than previously expected, which means we may be seeing a leveling out in the decline of the home market. With existing and new home inventory levels increasing and with banks continuing to tighten credit, this is a great time to buy a new home. It’s a buyers’ market out there, especially if you’re one of the few who can get a home loan.

Although home prices in certain regions of the San Francisco Bay Area have not fallen as much, there are still areas in the East Bay such as Oakland, Hayward, and Union City and areas outside of the core Bay Area such as Fresno, Stockton, and Sacramento which have seen huge declines in home prices. Even in desirable areas such as Cupertino, Saratoga, Los Altos, and Palo Alto, there are fewer buyers on the market, and more homes for sale. This means less competition as a buyer. If you can afford a home, now is the time to get into the market and become a homeowner.

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