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When is the best time to buy a home

By Deanna Vermillion

Real Estate Agent with Coldwell Banker

February 19, 2008 02:34 AM

WOW, I have been asked a lot lately when is the best time to buy a home? "Is the market going to continue to go down?" "We heard on the business news that we should wait". My response is, Wait for What?

Have you found a home you want? Is it within your price range? Have you already met with a lender and pre-qualified for the mortgage? Then WHAT ARE YOU WAITING FOR? Okay, so the market has not stabilized, but if it continues to go down, it is not going to go much lower. And if it is on the rise, you may be left in the cold, without your dream home, and the interest rate is now to high for you to afford the amount of home you could have earlier.

Interest rates are at a 4-year low! Stop worrying about the global housing market, and start taking a look at your own needs.

FACT: Homes are selling
FACT: People are buying homes
FACT: You have taken a look at your needs and financial situation, and you can do it;
FACT: If you wait too long, your dream home may again be out of your price range, and only a dream!

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Raymond Patterson

The Patterson Team @ Keller Williams Excellence - Lutherville Timonium, MD

President - Patterson Team Homes

Buy now

Feb 19, 2008 02:44 AM

Colleen Fischesser Northwest Property Shop

NextHome Experience - Chelan, WA

A Tradition of Trust in the Pacific NW since 1990!

Deanna, these are all questions I get asked everyday. No one can answer them for the buyer...he/she/they must decide when the right time is for them!

Cathy Glass

Realty Executives Associates - Knoxville, TN

Realtor - Knoxville, Tennessee

These are exactly the thoughts I've had. It always helps to have another person to verify.

Feb 19, 2008 02:53 AM

Pam Joffe

Solaris Realty - Tampa, FL

Very good thoughts. I am asked everyday where I think the market is going, I can only tell them the same things you are saying, rates are good and homes are selling maybe not at 2004 and 2005 rates but they are selling.

Feb 19, 2008 03:06 AM

Ulises Romo

Realty One Group - Phoenix, AZ

That is what I tell potential clients. Buy now. If you wait you may not find a deal like this when the market picks up again. Multiple offers are back in Phoenix. Lender owned properties are the pick of the litter because they are priced well below comps. As soon as most of the lender owned properties are sold in my market, prices will stabilize and slowly begin to rise again when our inventory gets back down to reasonable levels.

Feb 19, 2008 03:07 AM

Anonymous

Hi Deanna - Hallalujah sister! :o) I was just talking to my twin who is also a realtor and commenting on the past 4 homes I bought (3 prior to my "realtor" status). I didn't pay any attention to the "market" per say, I just focused on getting a steal in that particular market. It paid off in a very big way each time. So, I would say look for a great value in whatever market you happen to be in...because the best time to buy is WHEN YOU ARE READY! Go for it buyers!!

Feb 19, 2008 03:11 AM

Richard Pino

RE/Max Advantage Real Estate - Gloucester, MA

For some, the time is now, especially if they have seen a property that meets their criteria. Interest rates are the lowest in four years. Housing prices are down 8-25% in my area, some sellers are eager to sell, especially those that have been on the market 200 days etc., buyers are setting the sale price of property not the seller in this market, getting closing cost paid for by the seller plus other bennies. Was at a real estate convention last week, while at the hotel coffee shop, a person ask me that question and he said he was going to wait another year and I said, "the time is now."

Feb 19, 2008 03:14 AM

Ruthmarie Hicks

Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

The time to buy is when everyone else is afraid to.... that's when you find bargains! Granted there aren't many bargains in my neck of th woods, but they may well LOOK like bargains a couple of years from now. So many decided to "wait" last year. I had five buyers bite the dust! It was so exasperating. Now, the prices are UP! So what good did this do them?

Feb 19, 2008 03:20 AM

When is the best time to buy a home

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Deanna Vermillion

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