Devoted to real estate, real estate agents, and all things property related

Despite the news of subprime mortgage woes each week, if you can afford to do so, buying a house right now is truly a great idea.  The subprime market is suffering, but if you can qualify for a 30 year fixed rate mortgage, housing prices are giving buyers a chance to own property for much less than rent.

Over the last five years, real estate prices spiked.  Prices were at an all time high, and many properties were over valued.  Currently, while it seems we are on a downturn, what’s really happening is that the market is coming back to normal.  So, for instance, a condo may have cost $199,000 in 2003.  By 2005, it may have appreciated to $269,000.  Now, the same condo may cost  $229,000, which is still a large appreciation from the 2003 price, but would seem like a huge drop from the over inflated 2005 price. 

In 2004-2005, the real estate market was extremely busy.  People were buying homes left and right, and when it was time to sell, could list a home and have it sold in a month.  Today, people who may have purchased during that time, and are now trying to sell are left wondering why it’s taking so long.  Well, the market is saturated with people just like you, who are trying to sell property.  There are currently 4.59 million units on the market.  That’s the highest inventory seen over the last 16 years.  If you are looking for a home in a neighborhood you’ve always wanted to live in, chances are, you will find a great deal right now. 

For more information on the over supply of real estate, click here.