Buyer's Need To Act Now!

Buyers should take specific note of this important bit of information from the most recent Standard & Poor's/Case Shiller Home Price Index:

Bay Area Home Prices Dropped 22% In 2008

They should also take special note of this Case/Shiller factoid:

Bay Area Home Prices Have Dropped 35% Since July 2006

Here's something else to keep in mind if you are considering the purchase of a new home. Right now, the Tampa Bay area has been seeing home prices dropping steadily for just over 2-1/2 years.

How much longer do you think a trend like that is going to continue? How far down do you think prices are going to fall? How long are you going to sit on the sidelines while great buys get grabbed up by other people?

Right now is the time to buy. Sure, prices may fall a while longer. But once you own the home, the loss will be nothing more than a paper loss if you bought for the long term. Eventually real estate prices will stabilize and then start moving back up and you'll have made a great investment. Frankly, given the length of time we've been in this downturn, the return to higher prices may be closer than you think. Historically, these "corrections" have probably just about run their course.

Look, if you have a steady income and are in a stable business environment, there's no reason not to buy right now. Mortgage rates are very low again. Banks and mortgage companies are making loans to qualified people. Sellers are willing to negotiate lower prices. The number of homes for sale means you have a great selection and can probably find just the kind of property you want in a neighborhood that is perfect for you.

The smart move is to act now. If you wait and try to guess where the bottom of the market is, I will almost guarantee that you will miss it and will buy on the upside of the bottom. By the time the news media starts saying "now's the time to buy" or "real estate sales are exploding", well, it will be too late and you will have missed your best chance. Why? Because everybody will be in the market again and they will compete with you for the best buys -- that competition means prices will go up pretty darn fast.

Buy now if you can. You won't be sorry.

For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.

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