Sellers are looking to sell their houses quickly for a number of reasons. If people can no longer afford their payments they need to sell before their house goes into foreclosure and has a negative affect on their credit. If they sell quickly there is still a chance they can find an affordable place to live. The seller does not hold out for their asking price as they would if the housing market was up. They may just be looking to get their money back or enough to find another place to live.
Also people may be looking to sell their house quickly because they have to relocate in order to keep their jobs. If they need to more in a hurry they are not going to price their house at too high a price. For these reason people are in a hurry to sell their homes and cannot wait. This causes the prices of homes to be relatively low in what they would be if people wanted to wait for their asking price. This also allows the buyer to make offers. If the seller needs to be out it is more likely they will accept the offer as long as it is reasonable.
Home buyers are also getting houses at low prices due to the number of foreclosures. The number of housing that are foreclosed is very high. The home buyers can get a house much bigger then they thought they could afford at low prices. With a little research the home buyer can get a house at what would be considered a cheap price due to the fact that it was foreclosed on. People that may not have been able to afford a home can now get one at less then what they would usually pay. Investors are also taking advantage of foreclosed homes. They can buy a home for a low price, fix it up if needed and sell it or hold onto the home until the market goes back up and make a profit.
Home buyers are now offered a variety of programs through the government. There were programs and tax credit for first time home buyers that include assistance with down payments, low interest rates for mortgages, and other deductions for purchasing a home. The government is providing incentives for people to buy houses with all these new programs. This is making it possible for people who do not have a down payment or a sufficient enough down payment be able to afford their home. These programs also help people who may not have the best credit that usually get turned down by banks and other mortgage companies. With the prices of home at lows due to quick sales, foreclose, and programs to assist people with the purchase of a home the home marker for 2011 is a great time for people to buy.