Special offer

Are You Ready to Buy Now? Or Will That be in the Future?

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

Are You Ready to Buy Now? Or Will That be in the Future? 

The question "are you ready to buy now, or will that be in the future?" is an important one. 

Are you ready to jump through the hoop and buy?It's important to know, as the REALTOR working to help you achieve your real estate goals, but it's a question you ought to be able to answer also. 

I often work with relocations from around the country and other parts of California. Some buyers need to move right away, while others are planning to buy down the road - a second home for now, an investment to later live in, a retirement home, or simply a move when they find the "right" place or when the "time is right." 

Time frame is important. Whether it is immediate, in the next month, or a year or more down the road doesn't matter - the timing is up to you. But to be helpful, knowing your expectations about timing matters. And so often the expectations are not met with reality - higher prices, limited inventory, and financing issues may alter your timing. What one wants and what one gets don't always jive. 

An important part of the process is getting to know the area and deciding where you want to live. That's certainly something to sort out whether you want to buy now or in the future, although various issues can have an impact - new developments, changes in inventory and so on. 

There are financial considerations to buying now or in the futureAn obvious consideration is your ability to buy now. Or in the future. Income, debts, credit, and other factors may preclude your purchasing now. You need to know if this is the case or not. 

Or now may be the right time for you because of financial circumstances. 

Waiting for the future...in the hope of lowered prices...may not be to your advantage. While the fate of prices in some areas is open to speculation, hoping to buy at the bottom" may mean missing the best opportunity. And while prices may still decline, rising interest rates could more than make up for the savings in purchase price. 

Many factors must be considered when deciding to buy now or in the future, personal and otherwise.

Regardless, your REALTOR needs to know to be maximally helpful. Pretending you are ready to buy now when all the appropriate considerations are not in line does no one any good and wastes time for all.

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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Comments (48)

Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Jeff, congrats on the well deserved feature.  We too have so many folks that are making plans to move here!  For the most part everyone is really up front when we have our consults.  They tell us what their time frame is.  I just feel bad for those would love to take advantage of the rates, prices, and inventory that's available right now but can't for one reason or another...

Dec 20, 2010 04:08 AM
Nancy Conner
Olympia, WA
Olympia/Thurston County WA

Your question about a buyers' timing is so basic, but so key!  I like incorporating it into a buyers agreement so we can specify how long we are going to work together to find the house they want - this can help buyers clarify what they  mean by "now" and "ready" ...

Dec 20, 2010 04:20 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

We too frequently deal with relocations and we understand time retraints when buyers are purchasing from out of our Long Island area. Having a clear picture of the buyers time-frame is the best way to help the client during the process!

Dec 20, 2010 04:55 AM
David O'Doherty
Clayton, NC
Clayton NC Homes, Raleigh, NC

Jeff, I have had a lot of folks come by here recently who say they will be moving early next year, lets hope they mean it!!

Dec 20, 2010 05:15 AM
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Jeff, just based on interest rates alone, I would say jump before they get higher.

Dec 20, 2010 05:52 AM
Michael Larson
Lancer Group Properties - Menomonie, WI

Managing expectations is key and timing is a very large part to that

Dec 20, 2010 07:16 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Jeff, I classify buyers as A, B or C. "A" buyers are those that are looking to move within the next 30 days or less with no other home to sell. "B" buyers are those looking to buy in 60 - 90 days with no other house to sell. "C" buyers are either those waiting until their home sells or more than 90 days out. I ask buyers to define their category when we meet so there are no misunderstandings about how often I should be in touch.

Dec 20, 2010 07:26 AM
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Jeff, it's certainly fair that we as agents should want to know when our buyers would like to buy. Knowing expectations helps and also enables us to prioritize. With rates going up, buyers on the fence may want to buy sooner rather than later though.

Dec 20, 2010 08:40 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Jeff - so many SAY they are looking to purchase and then they start the game of 'I wonder how low I can go on my offer' when prices are already so low. Often the seller gets so angry by the low ball offer that the buyer just lost ANY chance of getting the place!

Dec 20, 2010 08:49 AM
Jason M. Keith
Caliber Home Loans - Parker, CO
Equal Housing Lender

This is an excellent post, always helps to get a lender approval to see how serious they are about purchasing?

Dec 20, 2010 09:15 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jeff, if someone is looking to buy in the future in hopes of lower prices and rates, they are very likely to be disappointed.  I can't see house prices dropping much more, and as for rates they have been rising over the last month.  So right now eve if someone is able to get a lower price on a house then even a month ago, their monthly payment is going to be higher because of the increase in interest rates.

Dec 20, 2010 10:54 AM
Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Jeff - Good stuff as always, my friend.  I must admit that I'm a little surprised by people who are still waiting for prices to drop (or rates, for that matter).  Both appear to be headed up in 2011.

Dec 20, 2010 11:47 AM
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Jeff...I not only agree with you that the question is important, I love the way you phrase it.  Having the answer helps us to serve them better without having undue expectations if the time to buy is not right now.

Kate

Dec 20, 2010 12:20 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Elizabeth - I have no issue waiting if buyers are not ready for some reason. But those who are waiting for that magical time just might find themselves out of luck. I like to know the time frame so I can be helpful in the appropriate way.

Nina - or pretending with themselves. I see that sometimes.

Steve - and sometimes the time frame shifts dramatically, in either direction. I just like to have an idea so I can help, or not.

Rebecca - well that may be an indication of lack of seriousness, or something else.

Frank and Karen - my feeling is if you ARE ready then let's do it, but if not that's fine, I just want to know. But if you are, make sure you have all your ducks in a row. That's a good indicator of seriousness.

Hella - you are on target...the right questions can help determine. But some say they want to buy now but everything suggests otherwise.

Eric - well the same question applies, doesn't it? Have a great holiday yourself.

Jeff

Dec 20, 2010 12:33 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

This is really important information for both agents and buyers.  It helps us all to understand where in the process we are and what needs to be done at the time.

Dec 20, 2010 04:58 PM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Regardless, your REALTOR needs to know to be maximally helpful. Pretending you are ready to buy now when all the appropriate considerations are not in line does no one any good and wastes time for all.  Jeff that says it all from our point of view.

Dec 21, 2010 12:39 AM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Jeff, timing, timing and timing are just as important as location, location and location in my book.

Dec 21, 2010 02:19 AM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Jeff, this is so important to clarify with buyers so that the agent doesn't end up disappointed when they think there is an immediate sale on the horizon. We do need our pipeline stuffed, so buyers down the line aren't really a bad thing, but honestly, with interest rates creeping up and prices so low - any buyer who has the means to do so may miss this opportunity if they don't act soon.

Dec 21, 2010 04:46 AM
Sherilyn M. Whistler
ERA Herman Group Real Estate-NoCo - Loveland, CO
Need a Referral, Call Me !

Very good article and well deserved feature ! I do receive a lot of contacts via relocations so it is helpful to know as the agent how agressive to be at that moment..

Dec 21, 2010 07:47 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

There are way too many lookers out there that claim to be buyers! With mortgage rates going up, that group will increase.

Dec 27, 2010 04:19 AM