Why it is a great time to buy a home!

How many times have you heard it said, it is a buyer's market in reference to real estate? As a Realtor in the Springfield area of Southwest Missouri, I can assure you it is a "Buyer's Market". The inventory of homes available in all price ranges is amazing! As of this post there is 4247 residential sigle family homes active with the Greater Springfield Board of Realtors. Not only is there an abundance of inventory, these homes are literally on "sale". Even thou lenders have tighting up on the requirements for a loan, the rates are still at all times low. As of this posting the rate for a 30 yr Coventional loan is 4.875% and 4.75% for an FHA loan. That is cheap money folks, and one more reason why it is a great time to buy a home. I remember when I bought my first home in 1984 and the interest rate was over 12%.