Time To Buy

Thursday, July 22, 2010 - 9:38am

Weak housing market may be the perfect opportunity for buyers.

If you're trying to sell your home, you already know how tough the market can be right now.

If you're in the market to buy, however, that means now may be the best time to pull the trigger.

A glut of empty homes are now being offered at a bargain because a weak job market continues to contribute to record foreclosures.

"Prices have fallen so far in most parts of the country, there's almost no where to go but up," says RealtyTrac Vice President Rick Sharga.

Still, some economists are fearful the end of home buyer tax credits might put us right back where we were.

"We're going to see a payback once they expire and that payback is going to be in the form of reduced demand," says Zillow chief economist Stan Humphries.

Reduced demand might mean depressed home values through the end of the year, and possibly for a long time to come.

That means in some cities across the country buyers will be getting houses at the same price they sold for ten years ago.
 

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