robably the most popular a good time to buy?
real estate debate today
centers around the San The Wealth Factor
Francisco Bay Area home sales The Bay Area housing market is
market and whether or not now is significantly impacted by the
a good time to buy a home. With level of wealth shared by the
recent changes in the market, people buying homes there right
most buyers are sitting on the now. According to the California
sidelines trying to weigh the Association of Realtors,
pros and cons of jumping in to higher-priced markets have been
seemingly unpredictable and performing better than
turbulent waters. While both home lower-priced or "starter home"
prices and home sales are falling areas in terms of the strength of
nationwide, the market in the San both sales and price. On the
Francisco Bay Area is a bit of an other end of the spectrum, recent
anomaly. According to DataQuick sub-prime mortgage market woes
Information Systems, a real have stifled the ability of
estate research firm, though people with little money to put
fewer properties are selling in down, and those who have poor or
the Bay Area, and real estate marginal credit; to qualify for a
inventories are growing, overall home loan. This segment is being
home prices are still going squeezed out of the market by
through the roof. It has been tougher lending requirements.
reported by news media that the With fewer people in the starter
median price for an existing home demographic able to qualify
single family home rose to a for a home, both home prices and
record $720,000 in April of 2007 home sales in lower-priced areas
though April’s sales count was have been stagnant or declining.
the lowest in 12 years. So what Whether you are looking for a
is driving the market, and is now starter home, or you are looking
to move up; if you are trying to able to enter into homeownership
determine whether or not now is from a position of financial
the right time to buy, it really strength.
all depends on 1.) your credit,
2.) your overall ability to Taking Advantage of the Buyers
qualify for a loan, and 3.) your Market
ability to come in with a If your credit is strong, you
significant down-payment. have money to put down on a home,
your mortgage payments are
If You Have a Weak Credit manageable for you, and you plan
Rating, Clean Up Your Credit to stay put for more than 5 year;
In recent years, there really was by all means throw your hat into
a loan out there for almost the ring—-especially if you are
everyone--though, if a buyer’s looking for a starter home in a
credit was less than perfect it moderately priced area. While you
could really become costly. probably won’t walk away with a
Today, however, the days of no “steal” the odds are in your
down-payment loans are quietly favor that you will be able to
fading into the distance even for purchase a home at a great price.
the highly credit worthy. So, if Don't be overly concerned about
your credit report shows whether or not home prices will
excessive late payments, slip further in the coming
collection accounts, charge-offs months. If you are planning to
or any other derogatory items, stay put for a little while, it
now would be a good time to put really doesn't matter.
"homeownership" on the back
burner and move "cleaning up your Give Up on Trying to Time the
credit" to the forefront. That Market
way, when a solid loan program is What many people don’t understand
available for you, you will be is that it is virtually
impossible to “time the market.” slowing sales and rising prices,
Over time, home prices in the San whether or not now is the right
Francisco Bay Area have risen time to buy, depends on your
significantly. So, while the San individual situation.
Francisco Bay Area is in a unique
type of slump consisting of
About the Author:
Errol Vincent is the Broker/Owner of VINCENTHOMES Real Estate Services. For over 15 years he has assisted clients in the San Francisco Bay Area to buy and sell real estate. For information on foreclosures or to search for homes visit www.vincenthomes.com
Read more articles by:
Errol Vincent
Article Source: www.iSnare.com 
