10 Reasons That You Should Wait to Buy in this Market

By
Real Estate Agent with Coldwell Banker 69190

 With all the posts out there about how now is the best time in history to run out and buy a home, I thought it only fair to show you the reasons that you should not do so. The last thing this economy needs is for consumers to start spending money, that would actually cause the great deals to go away. Mainly due to the fact that it would cause the economy and the real estate market to recover, and at this point that's the last thing we need.

10-  Rent is fun to pay. I mean it's not at all like having to pay your own mortgage, why do that when you can pay a mortgage for someone else. If you went out and bought a home, there would be one less investor out there getting a free house with your money.

9- The amount of homes for sale on the market. There is no need to running out there when you have a ton of homes for sale at your disposal. You should certainly wait for the numbers to dwindle so you will have less of a choice you decide to buy. This will keep you from having to be so picky.

8- The great deals will be the first to go. This will be your indicator that you are getting close to time to start looking. All the good homes will be taken and then you can go sift through the left overs for what you can salvage.

7- Low Interest rates. Low interest rates will cause your mortgage payments to be lower, and this may make you feel like you are not doing your fair share. You should definitely wait around for those rates to rise so you can make a higher monthly payment. Then you won't have to deal with the guilt of saving money.

6- The price of homes for sale. Currently many homes for sale are on the market at very competitive lower prices. If you can manage to hang in there a little longer without buying a home, then you can catch market during or after a recovery. This means that you will get to pay more for the home than you would today.

5- With today's rates and prices, mortgages on many homes for sale are actually cheaper than rent on the same homes. Again this would possibly save you money, and that's not what you want to do. You need to wait for the prices to rise so you're not getting as good of a deal.

4- A 10% of the sales price tax credit up to $8,000. If you were to buy a home now,and you are a first time home buyer, then you would receive this tax credit. If you can hold out until next year, then you will be able to avoid this tax credit all together. This will save you the aggravation of trying to decide what to do with the extra money on next year's tax return.

3-Builder incentives. At present, in addition to the competitive prices, many builders are offering other incentives on new homes. Incentives like a percentage of of the home for sale depending on your employment and reduced pricing on upgrades. Some are even offering free upgrades and tossing in little extras that they normally do not offer in order to sweeten the pot. This would mean that you could get a great deal on a brand new home in your area, and that's the last thing you want. Wait for these deals to be snatched up other buyers before you even consider looking for your new home.

2- Lack of competition for you. Right now with many would be buyers sitting on the fence trying to make a decision, you would have your pick of the litter as far as the homes currently available are concerned. You need to wait until many more buyers are on the search, that way you can possibly end up in multiple offer situations and have to fight another buyer over the home you really want.

1- The pride of home ownership. There is no reason to come home to a home that actually belongs to you. Why not constantly come home to a house that you are buying for someone else.

 

 I hope that in some way this has helped anyone reading to figure out why you should stay on that fence. There are really too many great deals and incentives out there to subject yourself to making a decision as to which one you want. So hang in there and stay on those sidelines. With a little discipline and a little luck you'll be able to avoid all the great deals that this current market has to offer. Best of luck to you.

 

www.jlboney.com

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Re-Blogged 12 times:

Re-Blogged By Re-Blogged At
  1. Mike Hughes 04/20/2009 01:49 PM
  2. Lori Lincoln Team 04/20/2009 01:56 PM
  3. Bob Willis 04/20/2009 02:26 PM
  4. Sandy Noll 04/20/2009 03:22 PM
  5. Ron Jenkins 04/20/2009 03:33 PM
  6. Linda Santos 04/20/2009 09:53 PM
  7. Chip Jefferson 04/20/2009 10:52 PM
  8. DeAndrea "Dee Dee" Jones 04/21/2009 01:02 AM
  9. Liz Loadholt 04/21/2009 08:05 AM
  10. John Cannata 04/21/2009 04:28 PM
  11. Janice Roosevelt 04/23/2009 11:28 PM
  12. Team Birtola High Desert Realty 04/25/2009 04:32 AM
Topic:
Home Buying
Location:
South Carolina Richland County Columbia Brookhaven
Groups:
Realtors®
Dedicated Bloggers
"Whacked"!!!
Club Chaos
M.A.N.C.R.O.W
Tags:
columbia sc real estate
columbia sc homes for sale
jl boney
blythewood real estate
northeast columbia sc real estate
northeast columbia sc homes for sale

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Rainmaker
330,263
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

JL, I love this blog!  It like the angle you took.  Great work.

 

Apr 23, 2009 01:35 PM #68
Rainer
50,813
Connie Winstead
Nancy Puder & Associates - Arroyo Grande, CA
San Luis Obispo County CA Real Estate Agent

New to Rain .. question ??  some have already passed this on to their clients but some say they

wish they could?  what is the proper protocol.  can we use it?  should we put your name on it as

author?  LOVED IT

Apr 23, 2009 03:59 PM #69
Rainmaker
647,599
Team Honeycutt
Allen Tate - Concord, NC

Thanks for the list.  It is always good to have something in writing to actually visualise.  If we all stick to it we can get the ball rolling.

Shelton

Apr 24, 2009 01:53 AM #70
Rainer
55,551
Kelsey Barklow
Hurd Realty - Johnson City, TN
423/948-9154

These are all great reasons but I still maintain that many homebuyers do not have the money for a downpayment, even 3.5%. Maybe that's only applicable in my neck of the woods.

Apr 27, 2009 03:29 PM #71
Rainmaker
381,873
Marney Kirk
Cummings & Co. Realtors - Towson, MD
Towson, Maryland Real Estate

JL this is just hysterical. Between this and your post on 10 ways not to sell your home, you have made my day.

Thank you for your amusing look at the excuses and reasons our clients use for not making a committment.

May 01, 2009 12:17 AM #72
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Claude- I assume several people did.

Bill- Sometimes we don't need to say much.

Sally- We will see.

Melina- I do too.

Richard- I had my suspicions.

Ginger- I hope it helps.

Richard- I noticed that.

Brian- If it makes them happy.

 

May 05, 2009 03:25 AM #73
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Tony- Maybe it will make them think.

Suto- Thanks for stopping in.

Jamie- Thank you.

Lori- No it will not.

Lottie- I always like to say things a little differently.

Tony- Good luck sir.

Chad- Hope everything worked out for you and your buyer.

Monique- It's easy to be honest.

Kathy- You never know, it might work.

May 05, 2009 03:32 AM #74
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Art- Fear will stop many people, I agree.

Tina- We will see what happens.

Sharon- You have to be a little outside the box these days.

Chris- That will be a given as well.

Connie- I hope your office enjoyed.

John- They are leaving our area as well.

Don- The more that get out there, the better off we will all be.

Jenny- It's not a post for the faint of heart.

May 05, 2009 03:39 AM #75
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Mac- The inflation is coming, I can agree with that.

Michael- I don't mind at all, thanks for the compliment.

Todd- Thanks for sharing, I will give it a read.

Christine- Informed and educated decisions are always the best to make.

Ray- I don't know about that, but it would be cool.

Hendersons- Thanks for the thumbs up.

Jesse- Thank you sir.

Pam- Only time will tell.

May 05, 2009 03:46 AM #76
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Lenn- Well, they are indeed.

Linda- I will try my best.

Michelle- It's a great thing to have.

Laura- No kids is always a nice day isn't it?

Mary Ann- Pass it out and see what happens.

Chad- Hope it helps.

William- Lenn is always here to help.

Joni- No burgers for me.

Dee- Thanks you very much.

May 05, 2009 06:18 AM #77
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Wendy- That's another post entirely.

Beth- I'm sure it would get some attention.

Tom- Thanks for stopping by.

T & R- Pass it on.

Joetta- Best of luck with your rentals.

Courtney- I can understand.

Stuart- It couldn't hurt.

Bill- Thank you sir.

Gene- I think in many places it's already starting to happen.

May 05, 2009 06:27 AM #78
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Ron- It's not time to waste time.

Colleen- I will try.

Ruben- Thank you.

Tony- You're welcome, thanks for reading and commenting.

Kim- There are definitely some out there that believe just that.

Liz- I can't win them all.

Natasa- That was my plan.

Lyn- I didn't read that one, but thanks, I try to check it out.

oineza- Sometimes you have to stick with me to see where I'm going.

Samprons- Thanks!

May 05, 2009 06:34 AM #79
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Matt- This one won't work everywhere yet.

Myrl- Who says I wasn't?

Angela- You are welcome to use the post at your open houses if you'd like. Hope all is well with you and your Son in his search.

John- Glad I could help.

Bill- I try my best to do so whenever possible.

Sandra- Give it to them.

Maria- He want return my messages.

Kim- Just trying something different.

Connie- Always polite to ask permission, but I don't mind people using it if they think it will help them.

Shelton- It's hard to ignore what you're staring at.

Kelsey- Unfortunately, that is the case for many, I agree.

Marney- Glad I could help.

May 05, 2009 06:43 AM #80
Ambassador
533,175
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Thanks for the inspiration, my man;)

May 21, 2009 11:58 AM #81
Ambassador
533,175
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Thanks for the inspiration, my man;)

May 21, 2009 11:58 AM #82
Rainmaker
1,509,340
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

OK, I have to admit, Jason sent me.  Nice job - You convinced me!

May 22, 2009 10:03 AM #83
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Sardi- You're welcome.

Gary- Thanks for stopping by.

Jun 01, 2009 02:38 AM #84
Rainmaker
595,266
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

LOL! Getting hate mail baased on this is just silly. Some people just won't get the humor, not matter what kind. And some people just enjoy hating REALTORS®. Considering how much effort I put into working hard for my clients, I'll never understand it.

Jun 10, 2009 03:57 PM #85
Rainmaker
661,086
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Lisa- Realtors will always be hated by certain people, it's a fact I except.

Jun 11, 2009 02:06 AM #86
Rainmaker
728,425
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Great post of course #4 is no longer valid and the low inventory has cut out two of the points.

Dec 16, 2012 06:05 AM #88
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JL Boney, III

Columbia, SC Real Estate
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