If you are considering purchasing properties the current market may make it a great time to do so. There are a combination of factors that are working together to make it an ideal time for someone to get into the property market whether they are doing so to secure a residence or they are doing so in order to purchase income properties. Here are a few of the top reasons why it can be such a great time to purchase real estate.

Interest Rates are low

Currently, interest rates are quite low and so it can be much more affordable to purchase property than it can be to do so when interest rates climb. With lower interest rates you can afford more house for the same monthly payment. You do need to be careful however because you do not want to end up mortgaged too heavily. Interest rates will climb in future and you do not want to fall into the trap of being unable to afford a mortgage when they do.

A Surplus of Properties to Choose From

If you look at the current real estate market you will see that there are many to choose from. When there are a large number of properties available on the market it can mean more than just an increased selection for you. When individuals are trying to sell their homes they will need to make the purchase agreement more appealing in order to entice you to choose their property over the others on the market. This means that you may be able to get them to agree to more favorable terms or that you will be able to get the price lowered to a point where you are willing to buy the property.

Florida is a prime example of this trend. Certain key areas in the state that were among the best locations in the United States have experienced steep declines in the values of their properties. In some areas property values are as low as one quarter of what they were before the credit crisis struck.

Foreclosures can be great opportunities

After the credit crisis struck, a large number of foreclosures and short sales went on the market. This can mean that you are able to find fantastic homes for much less than you would expect to pay at any other time. Although there can be some unique challenges to purchasing foreclosed and short sale properties if you do your background research you may be able to find a great property for much less than you would have been able to only a few years ago.

There are signs that the real estate market is starting to recover but in the immediate future there is still a lot of factors that can make it affordable to purchase a home. It does not matter whether you are interested in doing so to secure a primary residence or you want to break into the rental market the fact is that if you want to purchase homes you may want to do so before the real estate market has had the chance to rebound and you are no longer able to get your foot in the door.