In looking through the many articles on this subject I am struck by the wide range of opinions real estate professionals have regarding the current real estate climate. Many say this is a perfect time to buy because the market has bottomed; others say the market is stagnant; others maintain that we have "just reached the tip of the iceberg" and home prices will continue to fall dramatically. These opinions are currently peppered among various questions and answer threads in many subgroups i.e. buyers, sellers, bankers. My goal in starting this thread is to consolidate these opinions into one thread and spark more thorough debate. If you have an opinion on the issue, based on what you are personally seeing, studies or other data, or anything else you deem relevant, please weigh in!
Besides real estate being local, it is just like the stock market (although I like to think it is not as liquid as stocks). Sell low, buy low, sell high buy high. The advantage of owning real estate is...it will NEVER go bankrupt, don't have to worry about the business getting up and moving...How often has real estate depreciated and or totally lost its value? If you have a good Realtor and they offer sound, knowledgeable advice I would buy in any market. Do your research, find a good Realtor that you trust (just like a financial advisor) and buythe main reason for buying now is the combination of historically low interest rates coupled with low prices. While prices may drop further (I doubt very much), the interest rates will probably not drop much, if at all. The amount of money you will save in home prices by waiting for a lower priced home, will more than likely be offset by the rising interest rates. One thing is for sure: you will never be able to time the market perfectly. By the time the media reports that the housing market has bottomed out, it will have already occurred in the field by at least 4 months. When in your life have you ever been able to time anything perfectly? Buying a house should be a decision you make based on your personal situation and lifestyle preferences, and not just for investment purposes.
If you are buying for investment or your family taking advantage of this market is an option.
3 Question you should ask yourself.
1 Why am I buying? 2 What if I buy a house what will happen? 3 What will happen if I wait?
Will this be the biggest investment I will make or is a way of getting to where I want to be?
If you can answer these questions with a good positive outcome then you should be contacting your local realtor and buy. It is a great time to make money and go to the future. Do it now!
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