We have all heard, seen or even written about how dismal real estate is. And yes, the market is still somewhat overpriced. That is the bad news. The good news is, now is an excellent time to buy real estate. No, I haven't lost my mind! In fact, there are several good reasons to buy at this time.
First, as a buyer, the inventory of properties for sale is plentiful. The selection has never been better. As the old saying goes "there is something for everyone". Even though asking prices are still inflated, over the last few weeks we have witnessed a more willingness on behalf of sellers to become more serious in negotiating a realistic sales price.
The second reason is that interest rates remain relatively low allowing you to purchase more of a home then say if interest rates were at 7 percent or 8 percent. I believe they may even be reduced a little more in the coming months. If you want a lower rate then what is currently offered, you can always "buy down" the rate by a quarter, half or even a full percentage point.
Third is the real estate taxes. Tax reform is gong to happen, and I think sooner then later. Tax reform will heat up the real estate market once again and in the process help thousands of property owners realize a reduction in their monthly mortgage payments.
So before you get a splinter, get off the fence and buy that home you have been thinking about. Just remember, as the inventory returns to more normal levels there will be less negotiating on behalf of the sellers.
Ric Cornelius is the Broker/Manager of Sand Key Realty Sales and Rentals, Inc. Sand Key Realty has three offices with 40 agents. One office is at 740 S. Gulfview Blvd., Clearwater Beach, 727-443-0032; the second office is at 2701 Gulf Blvd., Indian Rocks Beach, 727-595-5441; and the third office is at 309 Belleview Blvd., Belleair, 727-461-4200.