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Cool Housing Market Good News for Buyers Daily Real Estate News
August 7, 2006
Cool Housing Market Good News for Buyers
Home buyers with money in their pockets and enough stability in their lives to stay in the same place for at least five years will probably find a cooling housing market to present many benefits.
"Owning a home is still financially not a bad deal, as long as you have the income to support the cost of homeownership," said Jim Gaines, research economist for the Real Estate Center at Texas A&M University.
If your customers are wary of buying in today's real estate environment, tell them about these perks of being a buyer in a cool market.
1.There are lots of homes on the market so the selection is greater than it is during a hot market.
2. Buyers have more time to think about a home before they make a decision on whether to purchase it.
3. A slowing market allows buyers to negotiate a better deal.
4. Interest rates are climbing, but even if they hit 7 percent, they are still way below where they have been historically.
5. Real estate is likely to continue to be a good investment. Since the NATIONAL ASSOCIATION OF REALTORS® began keeping records in 1968, the national median home price has risen every year. In a balanced market, home values typically rise at the general rate of inflation plus 1.5 percentage points (plus tax benefits).
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