Now Could Be The Time To Buy A Home (NAPSA)—The old adage “There’s no time like the present” might not first come to mind when looking at today’s national housing market. But according to some real estate industry experts, these homespun words of wisdom are quite appropriate when a closer look is given to individual local markets across the country. They point out these favorable factors that can contribute to making this, for many consumers, a most opportune time to buy a home: Inventory is up. When the market is hot, new listings can’t replenish the supply of homes fast enough, and that works in the sellers’ favor. In today’s market, the opposite is true, providing morechoices for buyers. Sellers are motivated. Homes that in a hot market would have been snapped up in days are now lingering unsold for weeks, even months. Factor in bankowned properties due to the recent and unfortunate spike in foreclosures and buyers find themselves in an advantageous negotiating position they haven't enjoyed for years. Interest rates are down. Recent cuts in the prime rate by the Federal Reserve have sparked drops in interest rates, which at the end of January were below 6 percent for a 30-year fixed-rate mortgage. While banks havetightened lending requirements in the wakeof increased loan defaults, homebuyers with few credit problems qualifying to purchase a home they can afford should still have little trouble securing favorable financing terms. What’s more, a market climate like this especially favors buyers who don’t need to sell an existing property before their purchase, 1s: SS Homesthatin a hot market would have been snapped up in days are now lingering unsold for weeks, even months. buyers like first-timers and those looking for a second home. This tilts the scale even more toward many buyers. But regardless of the situation, for every buyer, the key is to work with a real estate professional who knowsthe local market and spe- cializes in buyer representation— like an agent who has earned the Accredited Buyer Representative (ABR) designation. Administrated by the Real Estate Buyer’s Agent Council (REBAC), the ABR designation is awarded to Realtors who have undertaken special training to help them guide buyers through the intricate process the home purchase can sometimes be. The expertise of ABR-designated Realtors is further demonstrated in the professional experiential requirementall candidates must meet. To find an ABR-designated agent near you, and to receive a free copy of the REBAC-published “Homebuyer’s Toolkit,” visit www.REBAC.net or call 800-6486224.
