You have a lengthy period of time from the point you decide to get back in until you actually own a piece of real estate.  You have to look for property, you have to find a property, you have to put offers in on the property, you have an escrow period, you have to obtain financing, it could be months between the time you decide to purchase and when you actually own.  If you are a first time homebuyer, it could be even longer as you will be going through the process for the first time.

During this time, if the market has started to turn for the better, you can count on the fact that you will not be the only one trying to hop back on the real estate train.  I remember the days of multiple offers, lotteries for new homes with hundreds of people in attendance, and major appreciation of any piece of real estate seemingly overnight.  It wasn’t that long ago, and the sellers held all the cards at that time. 

These days, as a buyer, you are in a position of power.  You can call the shots, play hardball at the negotiating table and there are not 5 other offers to compete with.  Seller paid closing costs are pretty common these days, entering contract below the original asking price is definitely not out of the question, and you have a glut of properties on the market, you can pick and choose the very best property in the very best neighborhood.

So are we at the bottom of the market?  Maybe not.   Are we near the bottom?  Possibly.  Is now the time to buy?  Absolutely.  If you find the right property at the right price, now is a great time to buy.  Long term, real estate is going to come back.  Right now you have the opportunity to buy at up to 40% off the top of the market, how far do you expect real estate to fall?  Not only that, you have so many choices out there that you can buy exactly what you want.  You don’t have to settle for your second choice.  You are not paying top dollar, and you can probably buy a property for less than the asking price, especially if you have a good buyers agent. 

If you have been sitting on the sidelines, debating when to get into the housing market it’s time to get busy.  If you would like help finding an honest real estate professional to represent you (and you should always have representation, it costs you nothing as a buyer),  my wife, Michelle can help.  She can refer you to excellent representation nationwide, and can represent you directly here in Contra Costa County.

Check back in, I will be talking about mortgage rates tomorrow, where they are now, where they might be headed in the near future, and whether or not it is time to look into a refinance.  As always, feel free to contact me with any questions, good luck in your endeavors!