With all the hype that is reported in the news about real estate market, the average individual would believe no one could afford to buy a house, there are only three mortgage companies, and that real estate market is just bad – no one is buying houses. But that depends on what side of the table you are on. If you are a seller in today’s market, you may not be that happy. Long gone are the days when you can list your house with an realtor and the house will have a contract before the realtor can even place a sign on the property. Or you can but a “For Sale by Owner” sign in front of the house and have a buyer by the next weekend. Not any more. We are back to a normal market. What a normal market means is that a house can stay on the market 60 – 90 days before a qualified offer comes along.

These changes have made it better for the average buyer. With houses staying on the market a little longer, there is an increase in inventory. Instead of being just one perfect house on the market, they may be two or three - so no need to worry about competing with someone who has way more resources than you. Sellers are little more motivated in today’s market. They need to sell the house and the longer it is on the market, the more eager they become to sell the house so they can move on with life. Some sellers may be facing foreclosure, which makes them VERY motivated. So, for the buyer, this is not a bad market at all. This can be a GREAT market. You can find the home of your dreams at the price that you want.

Although many mortgage companies may have closed within the pass year, there still are plenty of mortgage companies and products available. Let me tell you a little secret, interest rates are still low. You just have to find the right product that fits your needs.

With the increase in foreclosures, the number of houses on the market, and low interest rates - now could be the best time to buy. Locate a qualified realtor in your area, have them perform a market analysis to determine the market trends in your area, have them assist you in evaluation your credit history and credit score, better known as FICO. Once you start these initial steps, you could be well on your way to homeownership.

Lynette Jones
Maryland Realtor