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6 Comments on Opinion for 2009 Buyers and Sellers!
Carol, Great Post! You are right, we can't buy gas for 50 cents a gallon anymore and the housing market has changed and we can't go back! This is what we have and this is what we need to deal with! I strongly agree that buyers and sellers need to talk to professionals and not listen to the media!
Welcome to AR!
Carol - Thank you for the post! Very well delivered.
Realtors are great professionals to talk to if one decides to buy or sell a house. If your postponing the purchase or sale of a primary residence or investment property because of concerns over future pricing, try to educate yourselves on local, national, and global economic trends or seek out a financial planner. Do not seek this advice from a realtor. They are not bad people but their license requires less than a month of training. They have no education in finance, economics and financial planning and the professional economists their trade organization (NAR) employ's have made wildly inaccurate predictions. Working in Real Estate for 30 years requires no formal education in any of these areas. My auto mechanic has repaired cars for 30 years and is very very good. Would anyone believe that qualifies him in any way to predict the future stock price of Ford or Toyota or to tell if autos will become cheaper or more expensive in 2009? Of course not. Likewise Realtors, despite all their blustering, are wholly unqualified to make economic predictions with any accuracy. The slogan "It's a great time to buy or sell!" translates to "It's a great time for me to earn a commission!".
Realtors are suppose to be financial advisors. The truth is hard for some sellers to understand. I lost a listing recently to a competitor because I was honest and said their home needed a price reduction. Of course, when they relisted, the price was reduced.
I would say that it is indeed important to study the market and, if you are so inclined, check in with the economists and financial planners of the world. At some point, though, all of this research leads to "analysis paralysis". You can't do anything because you just have to check out one more source.
Buying a home is, in fact, a good investment especially with low prices (relative to the early "00s) and 30 year fixed interest rates that could dip into the high 4s with points! (low 5s without points)
However, purchasing a home (assuming this will be a primary residence - your home) is a lot more than crunching the numbers, It has to do with neighborhoods, schools, parks, transportation, shopping and all the intangibles that go into the "why" of picking out a home.
I could go on and on...but I'll let it rest. Suffice it to say, that now is a good time to buy. I haven't met a Seller yet that has their home on the market in the middle of winter who wasn't really, really motivated to sell.
Thank you for your comments. It is nice to know that everyone has an opinion and we don't always have to agree with those opinions. The great thing is that someone read my opinion and I value the time they spent reading and responding. Thanks to everyone.