In a stable housing market, homebuying opportunities are driven by factors such as home prices, inventory and mortgage rates. But if this stability is shaken, by let us say, a subprime mortgage market collapse, which resulted to an enduring foreclosure crisis, you would assume that homebuying opportunities will cease to exist.

Ironically, this is not what is happening today. Although the market is still trying to recover from the mortgage industry mess, there is no denying plenty of homebuying opportunities exist. In addition, certain market factors make it more attractive.

Affordability Will Never Be An Issue

If you are worried at being able to stay within your budget, there is no need to be with the availability of foreclosed properties. Popular among bargain hunters, buying these homes will translate to considerable savings since it is possible to own one for an amount which is significantly less than what they are worth, in terms of market value. Even investors prefer these homes, especially those who are engaged in a flipping business or a buy-and-rent one.

Lowest Mortgage Interest Rates Ever

Another factor which makes homebuying today attractive is the home loan rate. For the period ending October 12, rate for a 30-year mortgage is at 4.36 percent, still among the lowest in history. Such chance to buy a home at such low rate should not be passed up for you will never know when such chance will come up again. In fact, you can already observe a rising trend in mortgage loan rates so you should seriously consider buying now.

Huge Cheap Homes Selection

On top of the 3.5 million distressed homes for sale, millions more are about to enter the market, trapped in the so-called shadow inventory. Once lenders clear this inventory, home buyers and investors can expect more cheap foreclosed homes to choose from. Obviously, the more choices you have, the more likely you can find the property which exactly fits your budget, preferences and investment plans. Also, you can expect home prices to drop and competition to loosen up since there are indeed plenty for everybody.

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Written by Alex Rolim.