How's the market? Everyone seems to be asking that question when they learn that I'm a real estate professional. Like most folks in my business, I try to say something positive and true. The market is great, the market is improving, the market is back. Fact is that the condition of the market has little to do with whether you should be considering buying a new home.
Now the pants. When do yo buy a pair of pants? Sure, sometimes they're on sale, but you probably buy a pair of pants when you either need them or want them. You may shop for the best pants at the most favorable price, but the "pants market" is unlikely to affect your decision to buy. Likewise, the real estate market will probably have little to do with your home buying decision.
Some investors and owners of clothing stores are the ones who do and should have interest in the market, and market trends. Market conditions are important to wholesale buyers on a much greater magnitude than to consumers.
So, what are the considerations that a consumer should have when deciding whether to buy? Like pants, do you need one? Do you need a new place to call home? If you didn't yet wear out your only pair of pants, or if the place where you live isn't about to be condemned, you may still want a new pair of pants / a new home. Both will probably improve your level of satisfaction. And, again, the market has little to do with things.
Does it matter to you and your family that there are fewer first time home buyers than in the past? Does it matter to you and your family that much of the new construction today is in multi-family property built for renters? I don't know the answer to those questions, but I do know that it shouldn't matter to you. The enjoyment of the lifestyle upgrade that comes with a new and better place to live will never be at a higher level than it is today. That is an indisputable fact.
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