To Buy or Not to Buy

With recent changes to help the National Housing Market to bounce back from the bubble burst, it is bringing some benefits to housing markets that were not affected in the same manner, such as our local market.

Regionally in Cabell, Wayne and Putman counties especially, our housing market is remaining stable. Averages for days on market and the average home prices are not fluctuating greatly, it still remains a great time to sell and buy homes.

There is no doubt there is a solid inventory of homes available for buyers searching either for their starter homes for first time home buyers, larger homes for growing families, and homes ideal for folks looking to down size due to retirement or just not requiring the amount of space they once did.

Nationally, This never ending cycle is what keeps our market afloat, but with our local market remaining strong now may be the time to benefit from the changes that are taking place.
With interest rates plummeting to their lowest levels in U.S. history, speculation leads us to believe that there will be an influx of people returning to the market to purchase homes.

Lowered rates also give buyers in some cases the opportunity to purchase a higher priced home than before. In other cases, it will allow people to purchase who could not afford a home because the monthly payment would have been too high once the rate was factored into the monthly payment.

This is also a good time in the market for those interested in investment properties that are available on the market. Homes exist that can be renovated and re-listed for a profit or in other cases, homes that can be purchased to be rented to tenants.

Just think – owning a tangible asset that someone else pays for. Over the life of a rental property, theoretically, it can be paid for time and time again. Additionally, investment property can serve as a wonderful source of income currently or in retirement.

Whether you are in the market as a first time home owner, selling and purchasing a new home or interested in investment properties, it is a great time to get involved in the real estate market and reap the benefits.

Lisa Peana is a Realtor with Great American Realty. She can be reached at lisa_peana@yahoo.com