Could now be the best time to buy a home? Coldwell Banker CEO says YES!
According to Jim Gillespie, CEO of Coldwell Banker, it is. In a recent article written by Peter Gorenstein of Yahoo! Finance’s TechTicker, Gillespie points out the following reasons why now is the “absolute best” time to buy a home:
1. Low Rates-A fixed 30-year is as low as 4.75%. So the whole mortgage-backed securities scare, knock on wood, has been about as scary as Y2K. (I’m fully aware that there is still time for me to eat my words on this one…)
2. High Inventories-If you are willing to wait, the home of your dreams is likely out there. Short sale transactions can take some time. (For our average close time by bank, click here: http://completeshortsaleprocessors.com/our-process/average-close-time-by-bank )
3. Low prices-Oh…and…that home of your dreams is likely siginificantly less expensive when it became the home of your dreams. Gillsepie feels that prices are bottoming out.
He and I may have to agree to disagree on the thinking that the downward trend has slowed (though, being a recent buyer myself, I’ll gladly be the one who is wrong!) Either way, the conditions have not been this good in about eight years to buy a home. I know of several short sale homes on the market, originally built between 2003 and 2007, where the original interest only loan payoff is twice what the new buyer is paying!
Is it the best time, who really knows? Is a an excellent, without a doubt.
–Trent from CSSP
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