I got an e-mail today. My customer was talking to me last year, and prices are even lower this year.
- Is this the time to buy?
- Did we hit the bottom?
It is very tempting to say "Yes". It is very tempting for the last 4 years. And every time, when I think there is no way it can go lower, it does.
Is it a great time to buy or just wait another year? What a simple question.
What a difficult answer
Lol...when I tell someone I am in real estate the first question they ask is how is real estate...what will it be like in the future...lol
Jon, any time is a good time to buy - in last 4 years for sure.
If you add the mortgage rate variable to this equation, surely enough, this is THE BEST time to buy.
Yah, who knew that we wold still be wondering where the bottom is? I mean, no doubt you would get a great deal now. But, buyers want to pay the lowest price for the most house.
Is it a good time to buy now? Yes!! It has been a good time for the last few years too. I tell people that I'm buying houses for myself right now, so that shows my faith in the future.
I know what you mean Jon. every time I think we are bottomed out we dip yet again. Surly if we say yes, we will be surprised again.
It's always a good time to buy a home you love. If you plan to live there it doesn't matter whether the market goes up or down. Investments are another story.
Jon, i always say do you need a home or an investment..do you want to break even, make money or make a killing in real estate...and don't you think i'd be donald trump if i had all the answers...best
Jon, great question. My answer is normally that we won't know when the best time to buy is until after that time has passed by a few months.
Yes, Jon, just when you think it can't go any lower, it does. When people ask, I let them know I wish I had a crystal ball.:)
Even if prices go slightly lower, the cost of financing won't go any lower, and probably will go up before long. Yes, it is a good time to buy.
Good point...no one knows what the future holds. If you would have asked me last year, I would have never been able to predict where we are right now. In the short term, things are volatile. Real Estate is a long term commitment.
Jon - and when you weigh in what will happen with interest rates you throw even more uncertainty into the game
Jon, of course I won't know if it is the bottom yet or not, but I know there are some good deals out there. If someone really serious of buying a house for themselves, they can for sure find some very great prices and low interest rate to make it worth to jump off the fence.
Jon,
Check the next to the bottom draw of the third file cabinet from the back in you old storage room. Most "Crystal Balls" were put away over three years ago!
@ Jeffery #1
"Lol...when I tell someone I am in real estate the first question they ask is how is real estate...what will it be like in the future...lol"
Most of us work very had for any invitation to talk real estate! You laugh at them?
Bill
Jon,
Isn't that the 64 Billion dollar question? I know in Atlanta we still haven't hit bottom, some speed bumps (with the tax credit), but we are still going downhill in terms of home prices and sales volumes. It's going to be a while, my friend.
I was just talking with another good real estate friend. Biggest item missing in today's market is ANY optimism. We need to find some good stuff to stop the downward plunge.
All the best, Michelle
I never say that...I don't have a Crystal Ball.
One of my sellers this year, we sold her home short for 350K, she paid 420 in 08, and bought it when it was a foreclosure.
The original owners bought new for 535K, so at the time she bought in 08...yes 08 it was a good deal, but not good enough.
I will tell folks the interest rates are lower than I have ever seen, and that is good.
It is the best time - interest rates are the lowest and property values are affordable once again -
It's being predicted that we haven't seen the worse of it yet, but I am feeling positive that the market has stabilized with not as many foreclosures as last year. We just don't have good paying jobs in my area, with many companies laying off or closing their doors.
Hey, I was just in your area this past week for Turkey Rod Run - always a fun time to see the cars. The Bellair Plaza was packed again - with my husband taking hundreds of photos. Beautiful weather, too.
Jon, Unfortunately that is the type of question that the media would throw out. If your buyer is an investor, he need not be concerned except with his ROI and right now it looks great for real estate. If the buyer is owner occupied or a buyer of a 2nd home for vacation, then we need to stress the facts that the prices are much lower than they were, the interest rate is phenomenal, and they can now afford a home they only dreamed of 4 yrs ago.
I still do not get it. When it is a seller's market everyone jumps in, when it is a buyer's market they have every excuse not to take advantage of their market. Are sellers savvier than buyers?
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