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It’s A Great Time to Buy

Conditions are ideal for buyers. Prices have moderated, interest rates are hovering near 40-year lows and the number of homes for sale is greater than it has been in 15 years. 

Current market conditions won’t last long. GSAR research shows that prices continue to increase in the Syracuse market on an average of 6% annually. 

 Some reports have turned consumers sour to the idea of buying a home. The truth of the matter is that now is an ideal time to buy — prices in Syracuse won’t go any lower and inventory is abundant. 

The market is strong and getting stronger.

 

  • 2007 was the fifth best year on record, despite public apprehension about the real estate market. In fact, 2007 was very similar to the home sales gains experienced in 2002, when consumers were very confident about the market.
  • More than 7 million new and existing homes were sold in the United States for the fourth consecutive year.
  • Research indicates that home prices will pick up in 2009.
  • Home ownership continues to be a wise investment. FHA market share is expected to triple over the next three years, from an estimated 4 percent in 2007 to 12 percent in 2009.
  • A modest recovery for existing-home sales is expected in 2009. Pent-up demand, coupled with an abundance of safer mortgage products, will lead to near-term market improvements.

 Mortgage rates are ideal for buying.

  • Mortgage rates are hovering near 40-year lows.
  • Mortgage rates remain nearly 1.5 percent lower than they were in 2000.
  • Contrary to perceptions, conventional mortgages are widely available at favorable interest rates for the bulk of homebuyers.
  • Low interest rates, coupled with recent corrections, give people looking to upgrade a unique opportunity to take advantage of market conditions.

Homeownership has been—and continues to be—one of the best financial investments. 

  • Americans on average still believe buying a home is a good investment. Nine out of 10 consumers consider home ownership to be a sound financial decision.
  • Given the leverage in purchasing a home, the average return on a 5 percent down payment over 10 years is usually three to five times greater than stock market returns.
  • If you bought a house six years ago, it would be worth 24 percent more today.
  • Real estate has delivered the most consistent positive return over any investment over the last 40 years.