A lot of people out there are waiting to buy. They want to see if prices or interest rates will go lower and they might, I've been told that some rates have dropped below 4%. Will they go lower, possibly.
Lets look at why you might want to buy a home. Fore some it's there first, others might want to down size, and still others are thinking of moving up in size. Consider this, a home is most peoples largest investment. However people don't buy homes logically, they purchase home emotionally then justify the purchase logically. Normally when you buy a house it is because you want a home. I had a friend who has owned and lived in a multi-family for a good few years. It was time to buy a single family home for his family. He is going to keep his multi-family and rent out his unit. Being an appraiser and formally a real estate agent I wanted to show him some real opportunities with bank owned and short sale properties on our MLS (Multiple Listing Service). He told me that he was considering a home in a neighboring community that was not bank owned but had what there were looking for, Land. I tried to convince him that there are and will be many great opportunities out there to save quite a bit of money. So, what did he do, Yep! he bought the house that they were looking at, saving some money was not the issue. They bought emotionally like most everyone else.
The question is,is now a good time to buy? You bet it is!!! There are so many great buys out there and rates are so low that if you are considering buying then start looking now. The more you look the better you will do. Try to put some logic into the purchase though and you can save Thousands.
People who are looking to move up or down in size and have a home to sell have more to think about and should look at all the financial angles. Each situation is unique and should be looked at in every way. Remember if you have a home to sell then consider this; if your selling a home at a discount you get to buy your new home at a discount also. Maybe a great discount if you consider banks owned and short sales.
I think that now is a great time to buy however look at things with a level head and consider all options
The Appraiser
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