No matter what the market condition, there is always going to be a group whose turn it is to be in the most advantageous position. Right now it is the first-time home buyer. This is evident by the stat saying 41% of buyers at the end of '08 were first-timers.
This stroke of luck is for a few reason. With the new lower prices they are able to afford better than they could before, if they could afford anything at all before. Not to mention all that inventory just sitting there, sellers are negotiating.
Then there are the low interest rates that compliment the low home prices so perfectly. It's like stars are aligning.
Of course buyers right now have to have good credit and a significant down payment, but if a buyer has that in order they are in a great position to get a deal.
There is still a question of whether or not prices have hit bottom yet, but there will always be that risk. Perhaps it means a buyer can take the time to find the perfect deal.
http://online.wsj.com/article/SB123431356988570855.html?mod=rss_Today%27s_Most_Popular
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