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Should you buy a house now?

By
Real Estate Broker/Owner with JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 10491201242

 

There has been much talk in the news that maybe home ownership might not be a good thing at this time. It is true, for a while, some bought homes for all the wrong reasons.  For many, a house was their personal bank. When they wanted some money (often for unnecessary purchases or vacations) they got a home equity loan. At the peak of the market, I saw at least one home worth only a half of the home equity loan proceeds given to the owner.

The real purpose of a house is to provide shelter, so here are some good reasons to buy a home. Therefore, it is no wonder that a large number of those buying homes are first time home buyers. If we take a step back and look at the real reasons to own a home, then home ownership makes sense even in these tough times. You should buy if you are:

Houses

  •    Someone renting who would like to have more control.  For example, you are renting and you are in the downstairs apartment and the upstairs tenant paces all night. This might seem extreme but trust me it does happen. If you owned your home you would not have this problem.

 

  •  Someone renting in a no smoking apartment and you keep getting whiffs of the neighbor's smoke.

 

  •  Someone with a large family. Remember, the number of persons to a bedroom is limited.  If you need to rent a 3 or 4 bedroom apartment then buying a home might be cheaper.

 

  • A pet lover but are having a hard time finding an apartment that is pet friendly.  Here again, buying a home makes sense because you just want to keep your pets

 

  •  A parent and you would love to have a yard for your children to play in, instead of being cooped up in an apartment.

 

  •   A young couple looking to start a family and want to do so without having to move as your family grows.

 

  • A Mom and Dad needing to downsize but don't want to move to a senior complex.

So, you get the point, there are many reasons why buying homes make sense and what a better time than now, when rates and home prices are way down?

 Copyright © by Jennifer Fivelsdal, all rights reserved-Should you buy a house now?

Comments(10)

Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

Some very good reasons. My husband and I have always purchased our homes mainly because we like the idea of investing in ourselves...over the long haul that is! (Plus, I want to be able to live how I want to live...like picking bright pink if I want!)

Jun 02, 2011 02:08 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Shannon thats the way it should be, turn a house into a home:)

Jun 02, 2011 02:48 PM
Anonymous
Kadena Tate

My personal opinion is that real estate is one of the best tools for wealth creation available to all of society.  Shelter will always be in demand. A home is an investment in yourself, your family, and your community. 
From a marketing perspective, I love that you shared a "buyer profile". This will help your family and friends to remember "when they think of any real estate related, they will immediately think of yu!" Well done! 

Jun 02, 2011 04:05 PM
#3
Stephanie Leon | Miami Lakes Realtor®
Realty Empire Incorporated - Miami Lakes, FL
Turning For Sale Into SOLD!

Good point... There is no better time to buy than now. Especially when you can owner for less than renting. Thanks for sharing.

Jun 02, 2011 04:12 PM
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Jennifer...I believe it's an excellent time.  If someone can financially do it they are fortunate to have so many things in their favor:  low interest rates, low prices, and large inventory.

Kate

Jun 02, 2011 04:52 PM
Anonymous
Sequoya Willis

Thank you for confirming my plan. I am trying to get somethings in order this year because I am planning to become a first time homeowner next year. I have a house load, including family who visit often. The room would definitely benefit my family life at this point and you helped me to be confdent in my decision.

Jun 02, 2011 05:12 PM
#6
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

ALL great reasons to buy Jennifer. Strong case for each example. I love your list....

Jun 02, 2011 05:50 PM
Anonymous
Kathryn Booth

Designing your life and seeing a home as a place to do and be with the ones you love is the best! Being a slave to expectations or overextended to have the facade of success is the worst! Working with a professional that can help you find the right place for the right price that is a solid financial decision, that's the way to go in this market.

Thanks for posting something so positive and practical.

Jun 03, 2011 11:37 AM
#8
Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

Hi Jennifer.  Yes, many bought homes as what they thought would be a path to wealth.  While that has not panned out, there are still solid reasons to buy as you have pointed out.

Aloha!

Jun 04, 2011 12:28 PM
Anonymous
simone hardy

So true Jennifer. Before I became an agent myself I wondered how people were spending all of this money before I learned that they were taking heloc or getting home equity loans like you said using their homes as their personal atm. This is definitely a wrong reason to buy a home. My girlfriend has experienced the pacing all night back and forth and yes it does drive one crazy. These are simple but powerful reasons to own a home of your own. Good food for thought.

Jul 04, 2011 08:21 AM
#10