One man’s loss is another man’s gain and right now buyer’s have everything to gain. It was only a few short years ago that sellers controlled the market and were calling the shots. In order to buy a home, buyers were paying over the asking price, foregoing home inspections and paying all their own closing costs. Montgomery home buyers were jumping through any and all hoops.
 
Now the market has shifted. The strong sellers’ market is a thing of the past and it is the sellers who are jumping through hoops. Buyers are calling the shots with offers that include home inspections; requests that closing costs, homeowner association fees and inspection fees be paid by the seller; decorating allowances; home improvement; and prices far below the asking price.
 
So why are Montgomery home buyers hesitating? Fear of a tanking economy, falling home prices and job instability are concerns for many potential home buyers. But if you are financially stable and plan to stay in a home for at least five years, there are 5 top reasons to buy a Montgomery home in 2009:
 
1. Homes are affordable.
According to the National Association of Realtors' housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

A recent report from Moody's Economy.com predicted that house prices will stabilize by the end of this year. The Office of Federal Housing Enterprise Oversight's Web site has a house price calculator that can help. Visit the calculator.
 
2. There are lots of homes to choose from.
The slow down in the housing market has caused homes to stay on the market longer, creating a huge inventory. There was a 9.6-month supply of unsold existing homes in January given that month's sales pace, according to NAR.
 
A large inventory gives buyers more selection, driving down prices. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The time to get the best deal is before most buyers buy.
 
3. Builders are offering perks.
New home builders are offering price reductions, free upgrades and other perks such as free appliances, homeowners’ fees being paid, lower interest rates decorating allowances. Once their inventory shrinks, these perks will go away.
 
4. Interest rates are at historical lows.
Lenders are not lending as freely, but if you have good credit and the needed down payment, mortgage interest rates are historically low and hovering around 5 percent.
 
5. There is an $8000 tax credit

If you are a first-time Montgomery home buyer, you will qualify for an $8000 federal tax credit if you buy before December 1, 2009. Unlike the previous tax credit offered in 2008, this does not have to be repaid. Extra money comes in handy when buying a home.
 
Trying to decide if buying a Montgomery home in 2009 is right for you. Visit HatTeam.com or give me a call. I’m glad to review your situation with you.