No Point in Waiting: Buyers Should Take Advantage of Cheap Distressed Properties
Prices of residential properties continue to decline in most U.S. areas, mainly due to the huge amount of distressed properties. Some buyers have held off buying houses as they wait for further decreases in property prices. However, it seems that what they are waiting for is already here and it might be the best time to make a move.
Bargain-priced homes abound
A report from CoreLogic has revealed that housing prices declined again in September of this year by 1.1% compared with August 2011. When compared with a year ago, prices are down 4.4%. For buyers, this is the time to take advantage of the abundant bargains.
A lot of people have put off purchasing a property, either because they are hoping that prices will decline further or because the housing crisis has scared them off of home ownership. However, with the current level of prices in the housing market right now, those who are still waiting may actually be losing an opportunity to grab the best real estate deal they can ever make.
Hidden positives behind pessimism
Although a lot of Americans expect the housing industry to continue to perform poorly in the next 12 months, a Fannie Mae survey showed that the percentage of those who believe this is lower in October compared with a month ago.
This could be a turning point for homebuyers out there who are still undecided whether to make a purchase or not. Judging from housing price trends and the attitude of consumers towards the residential sector, there is a growing perception that the next year will bring a modicum of improvement in the industry.
Prices are at a very low level right now, particularly among distressed properties, but the fact that fewer people are expecting the market to worsen can be construed as a sign that the market will start to creep back up in the coming months. For buyers, now is the best time to go home-shopping, before prices start to climb up again.
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Related Posts:
- Housing Market Slowly Gaining Ground Despite the Presence of Distressed Properties
- Sales of Single Family Houses and Condos Up in Some Illinois Areas
- Improving Employment Situation Means Fewer Distressed Properties
- Prices of Properties at Sheriff Sales and Auctions Continue to Decline
- For Sale by Owner Properties and Other Houses for Sale Favor Buyers
