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Why now is the right time to buy that home you’ve been thinking about.

Who hasn’t driven through a neighborhood, traveled down a certain street and gazed out the window, longing for that perfect house?

You may dream about the older, quaint home with the porch and rocking chairs, where you could sit on a cool night. You may prefer the tall home with the high roof, with enough square footage to accommodate your growing family. Maybe you want one with a large yard, close to shopping and your office. Or the maintenance-free modern townhouse so you are free on the weekends.

Perhaps you have put your dreams on hold because the thought of getting the home you really want seems out of reach. If that’s the case, it’s time to change your thinking. It’s a buyer’s market out there. And if you are in the position to buy, now is the time.

Why Now?
With inventory high, you can be selective as you shop for a home that can exceed your expectations. And, if you’ve been hesitant to enter the market because of the economic downturn, it’s important to keep in mind that our area has not been hit quite as hard as the rest of the country.

“I work mostly in the Cary and Apex area and we have not had nearly the market crisis other areas nationally have had,” says Will Dyson of 1st Signal Realty, based in downtown Cary. “Our area has shown real strength versus the national market, which should help buyers invest with confidence. Additionally, there is also much less speculation from investors driving prices through the roof.”

As a matter of fact, Dyson echoes a sentiment felt by other Realtors in the area – that the current market slow down provides a historic opportunity for buyers to invest in properties that in the past, they would not have been able to afford.

All Buyers Benefit
This home buying opportunity extends to all types of potential homeowners, whether it be first timers, who can take advantage of the $8,000 tax credit, resellers who may have the chance to purchase a home they initially felt was not an option, and those considering relocating to the area.

Kimberly Sands of Realty World, based in Apex, helps potential homeowners across Western Wake, and says she has seen business keep a steady pace as the area continues to receive positive publicity from national publications.

“With Apex being ranked by Forbes Magazine as the 3rd Best Place To Move in 2009 and by Money Magazine as the 14th Best Place To Live, we are seeing an influx of people visiting the area for a possible relocation,” says Sands.

This outside interest in our area helps continue to push and drive our market. And as potential buyers shop around, they’ll be amazed at what is currently available.

More Inventory, More Incentives
As sellers continue to look for ways to differentiate their property from the next, buyers will be in a position to reap the benefits. The high inventory of homes for sale has inspired sellers of both new construction and existing homes to offer added incentives to get buyers.

“New home builders are offering incentives such as giving credits that can be used towards upgrades, closing costs, and down payment. Some builders are also offering to throw in all the appliances including the fridge and a washer and dryer,” says Sands.“In the past I’ve seen builders offering $15,000 credits on new home pre-sales. Now, there are some that are dramatically lowering the prices on spec homes as much as $45,000.”  

When it comes to resale, sellers are not hesitant to jump on the incentive bandwagon, either. “I’ve seen sellers offer to pay for some of the buyer’s closing costs and memberships to their neighborhood pools and country clubs. I’ve even seen them throw in personal items such as golf carts, ride-on lawn mowers, and furniture,” says Sands. 

These incentives span a vast range of home prices, as Dyson has seen buyers getting into neighborhoods that in the past, they would have not been able to afford. “A surplus of homes combined with the desire to move them has resulted in some of the most venerable names in Cary such as MacGregor, Preston or Lochmere being available for very reasonable prices,” says Dyson.

Features Abound
Once you walk through the front door of many of these homes, incentives to purchase translate to over-the-top features. Believe it or not, you can get into a home that offers numerous features that in the past were considered upgrades that would either be added to the house price or installed in the home after the sale. These features are now being seen as deal standards.

“Homes that previously attracted a premium against other homes in the same neighborhood are now priced more similar to the base homes on the street,” says Dyson. “Upgrades such as granite countertops, tile floors, backsplashes, luxury master baths with dual vanities, fancy showers with expensive hardware like oil-rubbed bronze or brushed nickel, are now getting much less of an inflated price.” These upgrades also extend to hardwood floors throughout the home, custom molding & trim work, custom cabinets and yards with sod.

With endless choices and attractive features, the hardest decision you’ll have to make is deciding what neighborhood to buy in.

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And it shouldn’t be a problem finding one that appeals to you. Realtors such as Sands and Dyson can make sure that the homes you see not only meet your personal needs, but are located in areas that cater to your lifestyle. With the inventory currently out there, you’ll have many options.

“The majority of families with children are looking for a swimming pool neighborhood with a nice backyard, an easy commute and an active homeowner association,” says Sands. But she is quick to add that the most important requirement continues to be a neighborhood in a great school district with high test scores.

For retirees and empty nesters, the trend is toward the 55 and over communities as well as country club communities, with either ranch or ranch and a half with a bonus room or finished basement and a nicely manicured, low maintenance yard. Younger couples or singles tend to veer towards luxury three-level townhouses or smaller single-family homes, close to restaurants and shops.   

In addition, there is always a select group that love the small-town feel and may elect to live in a more trendy, downtown atmosphere where older, historical homes are available within walking distance to coffee shops, art galleries and restaurants. 

It’s simply a matter of picking the area you like the best.

If You’ve Got Vision
While it may be easy to find a home in move-in condition for the right price these days, many potential buyers are not afraid to get an even better deal by committing to do a little work. If this sounds like you, a foreclosure may be the way to go.

“Buyers may elect to take advantage of the many short sales and foreclosure opportunities to get a rock bottom deal, especially if they are talented enough to do most of the remodeling or renovation themselves,” says Dyson.

And although a few years ago it could be scary going into foreclosures, now there are some great opportunities to get these types of homes in good condition. The bottom line is if you are willing to do the work, the opportunity to create instant equity exists.

Now Is The Time
Both Dyson and Sands are staying very busy as the buyer’s market continues to shine. But like all good things, it will come to an end. It’s important to act now, while the time is right to benefit from the deals to be had

“Remember that historic times provide historic opportunities. Buyers who are on the fence now and decide to wait will regret that decision in years to come,” says Dyson.

With interest rates still low, 100% financing available, and the $8000 first-time buyer tax credit, this is the perfect time to buy a home,” says Sands. “With more homes available today, buyers can get the best deal on the home of their dreams!”

Text by Illyse Lane