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March 18, 2009

Buyers' Market: Now is a Good Time to Buy a House

POLITICS - Despite the credit crisis and the housing market collapse (actually due to it...) now is the best time to buy a house.

With record low interest rates, housing prices dropping, now is the time to buy a new house or condo.

House and condo sales are still in a slump since many Americans and Canadians are counting their pennies and worried about the recession, but for those who have the cash to buy and have stable jobs this is a great time to buy, and it could be decades before we see such record low interest rates and house prices.

Canadian home sales were down 31% year-over-year in February, and average prices were 9.2% below year-ago levels, the Canadian Real Estate Association said Monday.

In the United States housing starts and permits rebounded in February from record lows, rising for the first time in 10 months, according to data released on Tuesday. Compared to a year ago however housing starts are still down 47.3%.

U.S. foreclosures in February comprised 56% of all home sales, a dismal sign that the banking industry is taking on more real estate due to the sour post-Bush economy. Real estate which the banks then need to sell at a loss, which means lower prices for buyers.

All of this is good news for people looking to buy their first house or people looking to upgrade to a better house and are willing to sell their current house at a loss (that or rent it out).

And for people just looking to sell (and retire to Florida?), the best advice is to wait.

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