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Is now really a good time to purchase a home?

Is now really a good time to purchase a home?

All I ever hear from other agents, people, media, etc. is (Now) is the time to purchase a home.

1) because the homes are priced write

2) because the interest rates are down

3) because first time home buyers were getting $8,000.00 dollars from the Feds!

I know I sell Real Estate and I have to make a living myself but to encourage people to purchase homes to put money in my own pocket is not reason enough.

Unemployment rates are rising and with this why would you want to have your clients purchase a home if there is a chance they may become unemployed.

We as agents need to know more about our clients, is their job secure, etc.

And if your clients jobs are not secure and they struggle to make their house payments this might just leed to more foreclosures.

So agents I would suggest something before you get all excited about getting you client into a new home.

Know your client so you don't continue setting yourself up for what some people are comparing us to, a

(Car Sales Person)!

So back to my question ..............

Is now really a good time to purchase a home?

It depends!

Story by Robert Swetz (Vegas BoB)

www.VegasBuildingsForSale.com

www.LakeOwner.com

www.SearchMyPics.com

www.RealEstateNationwideListings.com

www.UFOsAliens.org

http://DarksideofDavid.ning.com

Posted by ROBERT A.SWETZ - Commercial Real Estate on 11/01/2009 07:07 AM

Comments (12)

Is Now the Right Time to Buy? in the ActiveRain Channel

now is a great time to purchase a home, unemployment, forclosure, forclosed homes, know your clients, express with words at activerain

Originally posted at: ROBERT SWETZ/ LAS VEGAS - NEVADA: Is now really a good time to purchase a home?

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12 Comments on Is now really a good time to purchase a home?

NOV

Good advice. Home buyers should take advantage of the low mortgage interest rates. Next year could be much more costly.

Robert, I appreciate your concern about using our influence to persuade buyers to purchase a home when we know it is not a good move for them. I try to hold on to a decision when working with individuals to treat them as I would like to be treated. I strive to be honest even when it may lose me a sale. In the long run, I expect to prosper but not on the backs of others who will fail.

We have to listen and advise, but clients need to make their own decision if they are ready to buy a house or not. As a mortgage banker we halp bring reality to some people by telling them that having a 480 credit score means that they are not ready and will not be able to get a mortgage.

Ultimately though they if they are in a position to proceed, they have to decide if the time is right

All great reasons to buy; not to mention the ever so predictable inflation will be showing himself big time in the future.

It is a shame that consumers tend to think the worst thing about some agents. I feel that a proper lender and a Real Estate Agent can go over the customers situation and explore all options. Their is some new programs like Job Insurance starting to spring around so in case a customer loses their job they have an insurance to make their house payments. I have read about that but I have not ran into anyone needing it yet. Most of the time , consumers can go to calculators and other things to get a pretty good idea of what they can or cannot afford at this time. Many consumers are spending more time doing their homework online before contacting an agent. Our job will always be to help the consumer make the right decision. We are the advocate that the consumer needs especially now in this economic turmoil.

Thanks,

Tom Davis

Robert, It definitely depends. In my market right now it's a GREAT time to buy if you are an investor. If you are a first time home buyer that needs very high LTV financing (FHA, USDA) it's not such a good time. The reason is because they have to over pay on the property to even have a shot at getting it. An FHA buyer cannot compete with a cash investor. Cash rules in my market.

It is always important to research each clients needs and situations before "pushing" them into a home...

There are many incentives available that make homeownership very attrative, but everyone's situation is different. Weigh all your options to help your customer make an informed decision.

Robert, I don't believe an agent should ever "push" clients into something that has "bad choice" written all over it, ultimately the final decision is with the client. If they want the house bad enough and have gotten the means to go forward, no amount of counseling from me is going to stop them.

I would like to thank every one for their comments and your comments are very important to me. If for any reason you ask me a question in your comment and I do not come back with a reply to your comment please send me a email.

I write about so many different things and post so many photographs that I lose track. It's very important to me to interact with Activerain Members when they are commenting on my posts!

Once again thanks for your comments and "Have a wonderful day"

Now is an excellent time to buy a home!-Dinah Lee

Historically speaking, my clients rarely have jobs. They usually have a bunch of cash and a pension. I sell Lakefront homes and have a lot of retirees in my community and client base. And prices are about at a 5 year low. Maybe we're not quite at the bottom as prices are still slightly down vs. this time last year and prices tend to dip a little in winter months anyway, but for my local area, yes it really is an excellent time to purchase on Lake Sinclair. BTW- even in this economic downturn prices only dropped about 10%... NOT TOO BAD CONSIDERING DON'T YA THINK?

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