It seems a strange rule of thumb to say that our little valley will follow the national real estate trend, just at a 6 month delay. I mean, that just sounds like tooo much of a generalization to me. but it has happened that way for every major movement in the real estate market for the past 10 years.
What this means for us, is that we are probably at the bottom of the market. Yes, you heard me. I am going out on a limb and making the call. We’re at the bottom.
What’s the bottom mean you ask? The bottom is the best time to buy! Time to take action. If you have been a bit nervous about taking on debt and dumping all your hard earned money into real estate over the last couple of years, I can’t say a blame you. But I believe that the danger has passed and that it is now time to go for it.
Real Estate has historically been one of the best places to put your money over the long term, and for those that buy in the current market, it is likely that will be true for the future as well. Let’s take a look at all the reasons to buy NOW:
1. Tax credit still applies until the end of this month. That means $8000 for first timers and $6500 for those buyers that have lived in their current residence for 5 years or more and are now making a move.
2. Mortgage rates are rediculously low. This is one of the primary factors that determine whether a loan will be affordable for you.
3. HUGE, and I mean HUGE, selection of homes to choose from. A few years ago, the average buyer that I worked with would have one or two homes to choose from that were in their price range. This didn’t give them alot of options when it came to all the features that they would have liked to have in their home. Now, I typically narrow down a list of 30-40 homes by asking my clients to be more and more picky! Then we go and look at 10 – 20 homes and I again ask them to be MORE picky. This is the market to find your TRUE dream home.
4. If you don’t buy now, you’ll be paying rent right? That is money out the window.
5. Many sellers are anxious to sell and are open to negotiation.
6. Tax benifits, financial stability, pride of ownership, freedom to do what you like with your own property, and all the traditional reasons why it has always been a good idea to buy your own home. All of these things are still true, despite what you may have heard in the media!
In closing I’ll say it one more time, just in case you missed it. We’re at the bottom…BUY, BUY, BUY! (And of course buy what you can afford. Don’t over extend yourself because there is no need to in this buyers market.)
