Have you ever met a sales person that told you otherwise? No matter what the item is....a car, house, appliance, TV, etc......"if you don't buy today you will regret it later." Yep, I am a salesman as well; but, I am a believer in informing the customer and letting them make the decision that best fits their personal situation. Yes, even those that purchased a home at the peak of the market it was the right time for many of them for their personal needs.
I have been sort of laying low in recent months in encouraging prospective buyers wanting to buy a home to do so; but, unsure if it was the right time. Everyone would like to "buy low and sell high" and we know that does not always work. Have the home prices bottomed-out, are interest rates going to get any lower and most important how secure is my job/business. There is a saying that I think fits the current real estate market: "Some People Make Things Happen, Some Watch Things Happen, while Others Sit around and Wonder What Happened". So which one are you going to be?
There are three things I saw in today's (Sunday) Tallahassee Democrat newspaper that might help you make your decision as to is it the right time. On the front page was the news that pink slips have been sent out to State workers as a result of cut backs due to necessary legislative action. In the Business section there is a chart showing that the consumer confidence index rose for the third straight month. In the Real Estate Weekly the Consumer Mortgage Information page showed that interest rates remain below 5%. Keep in mind when you see or read about interest rates, always look to see how many "points" are associated with the given rate.
THE LIKELYHOOD is that interest rates will not get any lower and there have been signs of them creeping up. The home prices right now are about where they should be with a typical normal 3% annual rate. If home prices still go down a little and interest rates go up you are no better off.....it all balances out. The last report of the percentage of jobless was down slightly. It is becoming more frequent to see companies reporting a profit in the business section. National economists are predicting a turn-around in the economy before the end of the year.
For many of you, particular those that can benefit from "Stimulus" incentives, that have been waiting for the right time......"Now Is The Time".