Sorry, but I feel like I have to say this. I've already seen numerous buyers that seem to want to buy a house, but are going about it like someone is dragging them to their grave. And quite frankly, I really don't know why, except for some media scare.
Yes, I know that there are some out there that want to buy a house and have the capability to buy (income, credit, etc), but because of their specific economic situation (like a possible lay-off, slow in their work), decide not to pursue a home purchase at this time. That's just being a responsible person in my book. No sense in getting something if your job isn't secure at this time. However, that's not what I'm talking about, either.
I'm talking about the buyer that can buy and wants to buy, or either HAS to buy, yet still is trying to play some sort of waiting game or something. Yes, the media has gone on and on about the dropping house values and yes the media has gone on and on about the frozen credit markets. Now, here's some truth to the hype. All markets aren't created equal. In my post, Year End Market Report.., you can see that the local area is not nearly as bad as the mass media numbers. As to frozen credit, credit is still available to buy homes, and it's not just for the high credit scores, either. There are government loan programs still available for the "credit-challenged," let's say.
So, if you're sitting on the sidelines during what is clearly going to be a great time to buy a property because of possible credit issues, then don't. Run down to your nearest mortgage broker and see what you can qualify for in terms of a mortgage. If you don't know where to go, call me and I'll give you several good choices. Once you're qualified, you can start the search for your dream home.
And, if you're sitting on the sidelines waiting on the market to bottom out, stop waiting. By the time you figure out where the bottom is, the market is already going back up. You simply can't judge the bottom. If you can get a great price on a house NOW, why wait? Any possible money that you save by waiting (assuming the value will drop more, which I doubt), can easily be recaptured both in long-term appreciation and tax credits.
Finally, if you're already in the market and looking at homes, do NOT procrastinate when you find something you want. I've already this year alone, had 3 buyers be very disappointed because they found a house they really wanted, but either waited too long make an offer or actually waited too long to even go look at the house and they were put under contract by someone else. People, this is the time for real deals, and real deals don't stay on the market long, regardless of market conditions.
Search for you dream home at: www.RogerAJohnson.com
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Roger Johnson is a Realtor with CENTURY 21 American Homes in Hickory, NC.
I service the Catawba and surrounding counties, and the Hickory, Newton, Conover, Taylorsville, Claremont, Statesville and Charlotte, NC real estate markets.
Visit us on the web at: www.HickoryNCHomes.com
You can contact me via Email or give me a call at 828-381-9245 or 828-568-2121 ext 310
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Roger -
In North Carolina, not necessarily Conover - Let's say homes in neighborhood X were selling for $120,000 - $140,000 between the late 1990's, all the way up until 2003.
Let's say buyers got crazy in parts of 05, but mainly in 06, and even 07. They were paying $190,000 - $240,000 for the same houses.
Now people want between $170,000 and $200,000, and they call it the bargain of a lifetime, as if 2005 was the beginning of time. Sure, prices have come down. but can you see why it is not so simple? When a seller is asking me to pay $30,000 - $80,000 more than all the current neighborhoods homeowners were paying in 2003, they need a solid justification for that price that I can understand.
So it is less about buying "bottom" and more about not getting screwed.