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Is it a good time to buy? The truth is bad news sells!

By
Real Estate Agent with MJC Realty Inc.

     Ok let's work on things that as a Realtor I am asked over and over again. The list is really quite short, most if not all revolve around timing, price and value. In the past if there were a lot of houses on market it was considered a buyers market, interest rates would be higher and the prices would be lower. If there were fewer houses on the market it was considered a sellers market, interest rates would be lower and prices would be higher. In the current market it is still a buyers market, there are 100's of houses up for sale and however the difference is interest rate are also low. So the time is right, the prices are right and there are values to be found.

     I know the Media is busy telling everyone "the sky is falling" and this is a really bad time to be buying a home.  I know that most people want to believe the Media is a good source of information and would never propagate stories to sell ad space and time slots. But over the last 30 plus years is seems as if their slogan should be "If we can't make it worse, we aren't doing Our Job."

   The truth is bad news, sells (that says a lot about our culture)    

    So when People ask me "Is it a good time to buy?" My answer is "Yes", if you are able to make the payments. But in this market another question should be "Who should be buying?" and the answer is Investors, First Time Buyers, anyone who's ready to Buy a larger or smaller home. In fact I think that means anyone and almost everyone.

    It's all relative, if your house is worth less now compared to 2 years ago then (in most cases) so is the house you want to buy. Think of the market as a large Justice Scale, what ever happens to one side also happens to the other side.

    Here it is in a nut shell, Interest Rates are still at record lows and the Housing market is flooded with houses. There are short sales (which take about 3 months to close), Bank repo's (30 to 40 day's on average), relocation sales and the tried and true "Normal Sale". This is really a very good time to buy.

Comments (8)

Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTOR®, Broker, Salesperson, NV. Lic BS.507
Kevin, I agree!  It is a great time to buy and you have stated all the facts!
Feb 02, 2008 01:58 PM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
Ironically, when housing prices are rising, people don't seem to have any problem justifying paying more for a trade up.  Why now do they resist paying LESS for a trade up?
Feb 02, 2008 02:08 PM
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Hey Kevin!

Been telling all of my clients for over three months to buy everything they can now. The bottom is over and prices are going to continue to rise.

 

Happpy Selling

Tony Grego - Indiana Mortgage Broker 

Feb 02, 2008 02:22 PM
Kevin Hollingsworth
MJC Realty Inc. - Newport Beach, CA
Kevin Hollingsworth Newport Beach Realtor/Notary
Roberta, thanks for the kudos
Feb 02, 2008 02:22 PM
Thesa Chambers
West + Main - Bend, OR
Principal Broker - Licensed in Oregon
You are so right bad news does sell - for the last week or so I have been focusing on it being a buyers market on my outside blog you should see the hate mail - oh my educating these buyers will be tough but giving them the straight facts and resources can provide a great opportunity for those that have been on the fence.
Feb 02, 2008 02:26 PM
Kevin Hollingsworth
MJC Realty Inc. - Newport Beach, CA
Kevin Hollingsworth Newport Beach Realtor/Notary
Brian S.Thanks for the comment, it seems to be human nature not be able to see good in a bad situation.
Feb 02, 2008 02:29 PM
Kevin Hollingsworth
MJC Realty Inc. - Newport Beach, CA
Kevin Hollingsworth Newport Beach Realtor/Notary
Tony G, I"m doing the same.
Feb 02, 2008 02:31 PM
Kevin Hollingsworth
MJC Realty Inc. - Newport Beach, CA
Kevin Hollingsworth Newport Beach Realtor/Notary
Theas C. sounds like this is a good way to reach the public.
Feb 02, 2008 02:34 PM