2008 is A Great Time to Buy

Recession fears, or realizations, are everywhere here in the beginning of 2008, and most homeowners and soon-to-be homeowners are hesitant, if not scared, of the real estate market. Analysts have continued to use big words and intimidating figures to back up their articles' titles, begging them to be read. Well, here's a couple of statistics that can help shed an optimistic light on the current market, and perhaps stimulate buyers to regain their confidence.

The median price for US homes fell 1.4% in 2007, marking the first decline since they first started recording the data back in 1968. The real estate market ballooned a little out of control for several years, and now seller's are lowering their expectations, making listing prices more realistic. Read more here

Additionally, after the Federal Reserve lowered the benchmark overnight lending rate, mortgage rates responded by falling to the lowest its been since 2004. Read more here

So, what does this all mean for buyers? It means buyers can now borrow money at a lower rate, and they can buy homes that are accurately priced. 2008 is a great time to buy!