STOP SITTING ON THE FENCE

By
Real Estate Agent with Leisure American Realty/Jakus Realty Team

STOP SITTING "ON THE FENCE"

With all due respect to Ethel Merman, everything really is coming up roses...well, sort of. Sure, some weeds remain, but they are becoming fewer and farther between.

Of course we are talking about the housing market, where prices posted their first monthly gain in three years, climbing 0.5% in May according to the Case-Shiller Price Index - a closely watched housing-price monitor. The price increase offers yet another sign that the formerly battered-and-bruised residential real estate market is stabilizing

It is worth remembering that there is no such thing as a "perfect market." Home prices, mortgage rates, and the economy will never be "just right." It's also worth remembering not to give one side of the argument more weight than it deserves.

In this market, we still think too many potential borrowers and home buyers are overweighing negative news while holding out for perfection. Unfortunately, perfection doesn't exist, which is why waiting for it guarantees missing opportunity.

If you're a first time home buyer, waiting will definitely guarantee a missed opportunity.  First time home buyers only have until November 30, 2009 to take advantage of the $8,000 tax credit. 

 

Comments (5)

Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Joni:  In my area in California First Time Home Buyers are beat out by investors with a lot of cash. They are working hard to get into a home and close by the end of the year. Our inventory is down and competition is high.

Aug 03, 2009 03:31 AM
Jodie Miller, Realtor, KW, Pasadena
Keller Williams Realty - Pasadena, CA

I second what Joni says.  It's a lot of work getting first-timers in here in Pasadena.

Aug 03, 2009 03:35 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Those first time home buyers that have been waiting on the sidelines need to get into the market now. Too many will miss the deadline to receive the $8,000 tax credit.

In suburban Maryland, there is much competition for homes in the moderate price range. Frequently, first time buyers must submit several contracts before they are successful buyers. Investors are competing in the same price range as first time buyers.

Aug 03, 2009 03:36 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Good information.  Fence sitters will lose the $8,000 tax credit, low rates and low home prices.   Actually almost anytime is a good time to buy a home but now is better than most.

Overall home prices have steadily increased over the past 233 years.

Aug 03, 2009 03:52 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

You're right about that "perfection" seeking.    Not sure why people expect to have "everything" in excellent order, before they'll act, but this may be erased when it's clear that there is a low inventory in most areas, and more buyers than properties for sale.    I know there was an oversupply in many areas, but that's not the case everywhere.  

Aug 03, 2009 04:18 AM