Even though every nook and cranny of the housing market is draped in doom and gloom, it may be a good time for potential buyers to take a contrarian look, the Ventura Country Star reports.
I’m not minimizing the risks in the housing market, because they’re very real in many locations. Nor am I predicting any sort of miraculous turnaround in six months, since I doubt we’ll see that happen. But I’m still a believer in the long-term viability of housing as a solid investment if you buy at the right price. This has me thinking that the current shakeout is creating an interesting sweet spot for first-time buyers to start checking the market.
Take a new look
Right now, some markets that were hot a few years ago are full of overextended builders looking to unload unsold inventory. First-timers tend to focus on existing homes, but I advise them to take a look at new homes as well. All those stressed-out developers are motivated to make deals. That can mean sharp price discounts or great offers to help with mortgage financing. But be careful , you don’t want to be the only owner on a block where half of the homes haven’t even been finished.
