The Top Ten Reasons It's a Great Time

To Buy Real Estate!

 1.  Selection, selection, selection. There are about 260 homes on the market in Ocean Shores. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the homes inventory dropped below 150 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.

2.  No Bidding Wars. In 2005 there were buyers that made offers on several homes. They lost their first picks to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.

3.  You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ratio is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.

4.  Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.

5.  Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.

6.  There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. Statewide there are estimates that builders have thousands of specs ready for immediate occupancy.

7.  Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.

8.  Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.

9.  Location, location, location. Today's buyers can find homes closer to the waterfront. In the past buyers had to settle for non-waterfront in order to find affordable homes. In this market, reasonably priced homes can be found right on the lake, canal bay front and ocean front.

10. Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!