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Buying a Home? 5 Signs to Indicate the Perfect Time
By sharon | April 1, 2008
In today’s uncertain time, buyers should be aware of the market conditions that help them determine whether or not it is the right time to buy. To provide you with some idea about these market conditions, here are some signs you should look out for.
- Declining Inventories – if the supply of homes is decreasing, then this means that most of the best properties are leaving the market. You should understand why the desirable homes are the ones grabbed immediately from the market. If you want to grab some of these hot homes, then you should dive in the market right now
- Increasing Mortgage Applications – one sure sign that the housing market is picking up is when the volume of mortgage applications has risen. With a larger number of mortgage applications, the inventory of homes will be reduced, which basically results to firmer home prices.
- Reduced Days on the Market – the number of days that a home stay unsold in the market can indicate whether or not home sale is sluggish. When the Days on the Market are reduced, then it is a sign that the market is favoring sellers. At this point, you should not wait for prices to increase further.
- Sellers Receive 98% of their Asking Price – with the decline in home prices, most sellers receive at least 97 percent of their asking prices. You should wait until this increase to about 985 since it will indicate that market conditions are just perfect fro buying and buyers will enjoy savings and great return potential.
- Incentives Disappear – in a buyer’s market, sellers usually offer incentives to attract more buyers and to compete with other sellers. If these incentives are slowly disappearing, it is a sign that market conditions are improving for sellers and you should not waste any minute.
Topics: Homes for Sale |