If prices are declining, why should I buy now?

If prices are declining, why should I buy now....I’m just going to wait until they fall further and then buy.  Suze Orman and other experts say that the value of homes won’t be increasing until 2015? 2020? 2025?  So, I'm going to wait until the bottom hits.

Where were all those experts when prices were going the other way, why didn't they warn people that they were buying in a real estate bubble? And now that the bubble has burst, everyone has an opinion about "the future of home prices."  I've always thought that buying your first home was more than a financial transaction; it’s an emotional and spiritual event.  Buy house because you are going to create a stable environment for you and your family—a place to call home, a place to create memories. I don’t know anyone that ever speaks fondly of places they’ve rented.    Sure, financial reasons are powerful reasons and buying at the right time is important but to me the emotional and spiritual ones are more powerful.  Besides now that the real estate bubble has burst, it is the best time to buy...you can always find reason why NOT to buy....but here are MY reasons to buy now!

Reason #1: Getting rid of your Landlord! and now that is easy to do with today's low home prices. That’s it!  Basically for me not having to deal with a landlord was reason enough.  I remember how it felt to be a tenant, it was a horrible time in my life but I realize that for you that may not be enough because you might have the "greatest" landlord in the world and you just don't want to leave him/her.  So, I’ll do my best to give you other more compelling reasons.

Reason # 2:  It’s still best tax deduction.  For most homeowners, being able to deduct the interest and property taxes is their biggest tax deduction.  Please note that this is not tax advise and is just for informational purposes, nothing in this blog should be taken as tax advise.

Reason #3: You’re buying at the best time because most places in Los Angeles county, real estate has bottomed.  Yes, there will be fluctuations up and down but overall you’ll be better off.  Funny thing about bottoms, you don’t know when you’ve hit rock bottom until you’re on your way back up.  So, if you are going to wait until prices hit rock bottom, you may have missed it.  The window of opportunity is still open but for how long no one knows.

Reason # 4: You want a backyard for your kids to play in.  If you wait, by the time you buy your kids won’t need a backyard.

Reason #5: You want a garden!  If you start a garden in that house you rent, when you move you can’t take it with you.  I have an orange tree in the back yard and when I want fresh squeezed orange juice, I just pick a few and squeeze!  That’s the best OJ I’ve ever had, plus it’s cheaper!

Reason #6: You can remodel and decorate any way you want.  I love ceiling fans but they can get expensive to buy and install.  Why would you spend money fixing up someone else property?  If you owned your own home, anything you add to it, you’ll be able to enjoy and your home will retain its value better.

Reason #7: If you wait, interest rates may never be this low.  I remember when interest rates were at 7% and 8%!  Remember it’s not the price of the home that makes a home purchase expensive—it’s the interest rate that you pay for the life of the loan.

Reason #8:  You can rent a room in your home and you won’t be breaking your lease terms.   

Tell me your reasons for not wanting to buy now, better yet, tell me why you want to buy.  I am sure that you will always find someone to give you reasons why not to buy but I’m sure they don’t own a home and probably will NEVER own a home.  This is your “window of opportunity” to own a home, please don’t let if close up on you.

If you would like to buy or sell a home in the Los Angeles County, please call me at (562) 916-3237.

 

Aida Pinto (562) 916-3237
Los Angeles County
Real Estate Broker

Website

www.PintoRealtyInc.com
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Reo Licensed Specialist
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