Why wait...buy now!

Buying a home in today's market may be challenging, particularly for those who have credit problems or little saved in the bank to put towards a down payment. But there are many factors impacting the current housing market in San Mateo County that makes buying a home today a viable option. Here are 4 reasons for not waiting and buying a home today:

1. Interest rates on long term fixed loans are at a recent all time low with 30 year fixed rate mortgages falling below 6% per annum. With lower interest rates and adjusted prices overall in the resale market the affordable gap has narrowed, making your monthly payments lower and more affordable.

2. No one can put a price on the value of home ownership, it varies. In Northern California the median sales price for a single-family home has been consistently rising for several decades. In summary, housing remains a rock solid, long-term financial investment. While the current market has experienced a slow down in sales activity and pricing, historically data suggests home prices will continue to appreciate over time. The projected median home price for a single-family home in California is $553,000. By comparison, the median price in 2000 was $241,350, in 1990 the median price was $199,370 and in 1980 the median price was $99,550.

(Source: The California Association of Realtors)

3. The length of time a home remains on the market before it is sold has increased roughly 2 to 3 weeks from a year ago. With properties taking longer to sell and with more inventory to choose from, Buyers are in a grand position to seek out the best opportunities.

4. The multi-offer frenzy that dominated the market during the last housing boom has subsided and there is less pressure to make a decision on the greatest purchase of your life not to mention guessing how many offers you will be up against.