It's a GREAT time to Buy a Home

Low rates and extraordinary inventory have created perfect conditions for home buyers.

You've never had more homes to choose from

There are currently 3.75 million homes for sale. Inventories in recent months have been at record levels, offering consumers the greatest choice in decades.

However, inventory levels are falling, and the selection of homes will become limited once again.

Former Federal Reserve Chair Alan Greenspan recently said that housing prospects are looking up. “Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter.” According to industry estimates, 2006 will be the third-best year on record for home sales.

Interest rates haven't been this low for nearly 40 years

At 6.0 to 6.25 percent, the average 30-year fixed rate mortgage rate remains near 40-year lows. This is more than an entire percentage point below 2000 levels. For a $250,000 loan, a drop from 7.5 percent to 6.5 percent means an annual savings of $2,000.

The average home value increased by 88 percent over the last ten years. In the decade to come, the number of US households is expected to increase by 15 percent, which means housing will stay in high demand.

While conditions for buyers are perfect now, that is likely to change next year as sales pick up, prices gain traction, and conditions improve for sellers. In today's real estate market, the best time to buy is now.