Dec 13, 2008 6:59 pm US/Central
Falling Home Prices Mean Opporunities For Buyers
(WCCO)
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After years of renting, Alissa Oppenheimer felt like finally it was time to buy.
CBS
If you're in the market for a house for the first time, experts say now is the time to buy.
New numbers show prices have plunged 19 percent in the 13-county metro area during the past year. The average house is selling now for $175,000.
The Oppenheimers made the move a month ago. Updates like a new kitchen and an open floor plan were the selling points.
After years of renting, Alissa Oppenheimer felt like finally it was time to buy.
"The sort of weird part of this market is that houses in neighborhoods that you probably couldn't have afforded a couple years ago I felt like we could afford now," she said.
Thomas Musil has never seen a market like this in his 30 years in real estate education.
"It's a very good time for first-time home buyers," said Musil.
He says those who will be best off to buy have good credit, will stay in their home for at least seven years, and are willing to put a little work into it.
Musil admits optimism plays a big part in the market, and folks have to get over that first.
"My advice to buyers really be in love with that house before you buy it," he said.
Oppenheimer was, and it may have paid off. She paid $40,000 less for the house than they buyers before.
"I think it's worth the risk even though it is kind of scary," she said.
On top of the lower house prices, mortgage rates are falling to less than five percent.
There's also a $7,500 dollar tax credit for first-time home buyers available until the end of June.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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