I hate to be a naysayer, but they say fear is a bigger motivator than any hope for gain. And I really feel someone should tell you to get movin' and buy a home, now! No, I know, no one can time a market, and we're all aware the housing market stinks right now. It's all fear and loathing and doom and gloom in Charlottesville and the rest of the country, right?
Well, I'm going on the record right now--this is THE time to buy. Is it the "best" time? Probably not. But if you have a housing need, whether it be to live in, or to invest, now, rather than later, is THE time. I'll try not to say "I told you so" next year at this time.
Why?
Have we bottomed out? I don't know. I can only talk intelligently about today, yesterday, and back into antiquity--backed with a voluminous amount of statistical data. We know the real estate market is cyclical. We know it has appreciated over time showing it to be a great investment and truly part of the American Dream.
But the idea of waiting for a better deal is fool-hardy, and this is why:
1. PRICE CORRECTIONS:Prices have corrected, and yes may still continue to go down, but they've corrected to the point where we've seen substantial price drops on a majority of homes--especially in the outlying areas from Charlottesville.
2. MEDIAN SALES PRICE UNCHANGED: BUT, median sales prices have remained relatively unchanged. For more on the "Official Word" on the state of our real estate market, read: CAAR Market Analysis 2008
3. REDUCED INVENTORY: Inventory is starting to reduce from the large surplus we have been carrying, but there are lots of homes to choose from, and more chances of finding a perfect match for you and your family in the area you want to live.
4. SELLER INCENTIVES: in a "Buyer's Market" means "having it your way" is more than just a slogan for a burger joint! Concession: Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs. GoTo: Real Estate Glossary.
5. LIMITED FINANCE OPTIONS: Availability of finance avenues is constricting. Last week IndyMac closed. Fannie Mae and Freddie Mac are looking for government help to artificially prop them up. Countrywide sold to Bank of America, and CTX just announced they are closing as of September. Currently, to get any loan better than 20% down you have to have almost perfect credit scores. Read July 23rd, 2008 New York Times : Woes Afflicting Mortgage Giants Raise Loan Rates
So waiting might cost you the ability to find funding sources, making it impossible to buy the house you need, the house you dream about.
6. RENTALS: Rental prices are increasing, and vacancies are low. As often happens in this market atmosphere, rentals are getting increasingly hard to find and more expensive. Landlords are able to be much more picky about who they rent too, the amenities they offer, and the activities they allow as a provision of leasing--e.g. allowing pets or smoking.
7. BUYER REBATE OFFER: Here's another motivator--I'm the only Realtor to offer a 20% cash back incentive on any home you purchase using me as your buyer agent! W-O-W !! To calculate how many thousands of dollars this means in your pocket, GoTo: Buyer Rebate Offer.
To re-cap:
Renting affords you no pride of ownership. Add to that increasing rental rates, fewer vacancies, and no tax breaks, make owning a home still the most important part of acheiving the American Dream for most US Citizens! Buying now is a good choice, too, due to the possibility of extremely reduced finance options by this time next year.And finally, with more homes to chose from, market corrected prices, a higher possibility for seller concessions, and my 20% buyer rebate offer this truly is a great time to buy a home in Charlottesville and Albemarle County, Virginia!For more information call:
Fulton Gaylord--Associate Broker
Keller Williams Realty
434-220-2228 OR
E-mail: Fulton@kw.com
Comments(0)