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Put your home buying plans on HOLD.

By
Services for Real Estate Pros with CPG Tours

At least that’s what this article says.

SOURCE ARTICLE


When I read this article, my first reaction was - these are the kind of negative articles that are perpetuating the problem. They’re the doom-and-gloom people. The naysayers. They’re part of the cause, not part of the solution.

But then I wondered… are they right?

I thought about all the people in this industry, and how they have to maintain a positive outlook. They have to be optimistic. If they want to survive, they have to keep forging ahead - no matter what.

But what if your livelihood did not depend on homes being bought, sold, leased, financed, or whatever? Would your attitude be any different? Would you encourage your friends and family to just sit tight for a while?

So, I’m curious. As a professional, with the insight you have, would your outlook be any different if your income didn’t depend on this industry?

 

Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Michael, they are right and wrong.  Certainly, if you have a fear of losing a job it may not be the time to buy.  Then again, if you are renting and can now afford a home it might be perfect.  It's not always an easy decision for many.  That's what we are here for!

Feb 13, 2009 11:37 PM
Jim Dvorovy
Cutler Real Estate - Canton, OH
REALTOR - Canton Ohio Real Estate

I didn't read the article because I click away from negative articles. There are just too many of them. Unfortunately, residents of the "rust belt" states have watched thier good paying jobs go overseas, so putting plans on hold have been a reality for several years now.

Feb 13, 2009 11:43 PM
J Perrin Cornell
Coldwell Banker Cascade Real Estate - Wenatchee, WA
Broker, ABR, VAMRES

you make a good point. From our perspective this MAY be a negative article...but it could also be the truth. It is important to listen to both sides and keep an open mind. Understand the biases and evaluate the data. All done perhaps it is whistling in the wind, but...

That said I am right at a solid neutral 5 on a scale of 1-10. Some people have to move, some may want to and some are not in a position to or cannot afford to. Is there a potential for further loss..yes (but less than a year ago) and there is certainly potential for gain. But a house is a home not a tax shelter or investment... and that places a different spin on it too.

Feb 13, 2009 11:55 PM
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Agents who just say buy buy buy no matter what are misguided in my opinion.  If prices are going down, if somebody doesnt have to move in a hurry, they are not really that motivated, it probably doesnt make sense for them to buy now.

Feb 14, 2009 12:06 AM
Alan Gross
PrimeLending, A PlainsCapital Company, Equal Housing Lender - Bethesda, MD
Loan Consultant

Trying to time the bottom of the real estate market is like trying to time the bottom of the stock market. It's hard to do. For most people buying real estate should be about buying a home, not just an investment. Even from an economic perspective buying now could make sense. If you bought a house today and borrower $300,000 at 5% the principal and interest payment would be $1,610.46. If you were lucky enough to wait and buy the same property needing to borrow only $280,000 but the interest rate increased to 6% the principal and interest payment would be $1,678.74. And I suspect if you wait for the market to turn prices will rise and you'll probably have to borrow more at a higher interest rate.

Feb 14, 2009 01:40 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Times are tough all the way around. i think unless you have to move, or are ready to move, with all the right qualifications, good credite, qualified and approved, then it might be better to wait it out!  Time will tell...

 

Portsmoutn NH Real Estate

Feb 14, 2009 01:44 AM
Gail MacMillan
Titusville, FL

Michael, there are probably lots of pros and cons on both sides - how's that for a waffle ;-)  Seriously though, if you are being transferred and need to buy or sell...that puts you in this market.  It get's tiring being on the fence and lots of first time homebuyers are realizing that prices are too good to pass up.  If you want to test the waters just to see what your home might fetch...not a good time.  I think you see where I'm going.  It's neither all good nor all bad.  Activity has picked up tremendously so it would appear that the consumer is getting serious.   Happy V'Day

Feb 14, 2009 03:32 AM
Michael Cole
CPG Tours - Corona, CA

Hi Everyone: Thank you for all the comments. I appreciate it. It seems like the consensus is, "It all depends..." which is probably the most accurate assessment. But I can also see where a buyer's or seller's indecision has the same effect as putting everything on hold. Again, thank you for all the comments.

Feb 15, 2009 10:46 PM