Time for Buyers to Get off the Fence

This is the third in a series of occasional pieces by Medford Realtor Dan Tucci. Tucci lives in Medford. Click on “Real Estate” to see Tucci’s other reports.

In the Medford real estate market, I am seeing some substantial opportunity for buyers to procure great deals. Thus, if you are one of those “on the fence” buyers, it is time to cross over and accomplish your goal! Here are 4 reasons why:

1. Mortgage Rates – Mortgage rates are at all time lows! I just locked in a buyer to a 30-year fixed rate from Bank of America for 5.125%. Why chance the rate to go any lower?

2. Inspections – In this market, sellers are more willing to negotiate for repairs or offer financial consideration or concessions for inspection items. When the market turns, there will be many more sellers not willing to do anything. Of course if a seller agrees to sell a property for a great price, there might not be too much room for repairs as it crosses their pain threshold.

3. Spring Market – We are approaching the spring market, many sellers have been waiting all winter to put up their home for sale, this means you as the buyer can pick and choose! Also, if you have a little cash to fix up a foreclosure, your property may already be waiting for your love. Many of these properties are selling below market value, but how long will they last? You may be surprised to see the prices on these homes.

4. First time home buyer tax credit of $8,000 – Buyers have until the end of November to close on a property and take advantage of this incentive. This is no longer an interest-free loan; you won’t need to pay it back! These are incentives that rarely come along to home buyers. Remember as a first time home buyer you may qualify for an FHA loan, which allows down payments as low as 3.5% on non investment properties. Click here for more on what you need to know about this great opportunity.