As a mortgage banker here in San Antonio, I have been inundated with questions from prospective home buyers regarding whether or not we have “hit the bottom.” I find this question very amusing. It seems to me that everyone is trying to time the market, letting that govern there decision on whether or not to wait longer or buy now. Most people who have a financial background know that is very difficult, if not impossible, to time the exact point at which a market slump makes a turn around for the better. For that reason, I have always tried to lead my clients to base decisions on what they know is happening right now, and how it compares to history.
So my answer is simple. Right now, we know that employment growth is excellent in San Antonio. Right now, we know that there is more inventory on the market than there has been in the last three years. Right now, we know that interest rates are at a 26 month low. Right now, we know that it is a buyers market! If we are not at the bottom, we are close enough. Those who pull the trigger on buying a new home in the next month or so will beat the inevitable flood of buyers that will hit the market by the beginning of the 2nd quarter of 2008.
Senior Loan Officer
Legacy Mutual Mortgage