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Largest Inventory in a generation
Just taking a look at the local inventory numbers shows that there are four times as many homes available now as there were 4 years ago. That means instead of having to take whatever is available and racing other buyers to get it, you get to find the house that closest fits your dream for your next home.
Best affordability in a generation
Everyone knows that unemployment is quite high. However, even taking that into account the level of income in comparison to the housing prices is very favorable. More favorable than most people can remember in the adult lives, unless they happen to have bought a home in the early 60, and even then comparing today to back then would be tough. And that doesn’t include.
Historically low mortgage rates
I’ve heard about people claiming they couldn’t find a mortgage. My impression is that they were expecting to find a mortgage like you could four years ago. Hello? Four years ago, eight years ago for that matter, was an historical aberration that we all are paying for today with the financial crisis. Lenders have returned to the historically wise patterns of requiring more down payment. So if you’ve got the money, you can still get a loan for more.
Federal tax credit if you haven’t owned a home within three years.
The federal government is very concerned about the financial crisis and in an attempt to help alleviate it at the individual buyer level, there is a tax credit of 7500 available that will not be needed to be paid back if you actually live in the home and do not sell it for at least three years. You don’t want to sell it for at least three years anyway so you can collect the equity returns without having to pay capital gains tax anyway.

So all in all,
Wish I had more money to poor into real estate investments right now, I expect that those who do will be making a nice profit in three to five years.

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