How can you tell if it is a good time to buy?

I hear all kinds of people discussing, asking and considering when is the best time to buy?  Well consider this....Money magazine just said for our area...we are going to appreciate 1.9%.  This is someone from a birdseye view of facts and figures....Money magazine listed 10 cities they project this growth and even more.

So based on what they say this is a great time to buy.  Here are some more compelling facts and It is from a real estate broker who grew up in Michigan who has multiple offices, has lived in many parts of the state and travel much of the state on a regular basis.  I look at facts not conjecture.  I do not have any majic potion to stir into anything...but common sense and experience tells you:

1. Your best information is your most recent data.
2. What market influences are pushing the data?
3. Is there trends that can be tracked by price, type of sale and days on market?
4. Is there areas the are doing better than others? (there always is)
5. What impact is local government having on the area?
6. What impact is employment having on the area?
7. What is the foreclosure rate?
8. What is the vacancy rate?
9. Are investors active?
10. Are developers looking at land tracks?

These issues and more are the leading indicators of who, what and where.

Grand Rapids was down over 16% in home sales in April from last year.  The foreclosures accounted for 40% of the sales of the number that did close.  That is number 7 on my list...might have to be moved up!

So when is the best time to buy?  You are never going to see interest rates like this again...sure your credit has to be good..  That is like saying will you give me a good insurance rate for my car?  I have only had 3 speeding tickets and 1 accident.  The subprime issues have changed how credit is given...but if you have good credit and want a home this is a great time to buy.

Why is this a great time to buy?  More selection, fewer buyers and the average price right now is as good as it was a number of years ago.  So buy and hang onto your home a few years and watch the equity grown.  Once the market comes back and it always dose...you will gain wealth.

Investors should be looking at duplexs and rental property.  The interest rates are low and there are some great deals because of current owners being over extended.  The other issue that makes this attractive is those that have lost homes have to live someplace.  They are going to rent until they can buy anther home....why not have them rent from you?

If you live in Michigan and are thinking of selling or buying give me a call or drop me an email. 

Call Toll Free: 877-667-4699 Email:  garywhite@grar.com