Is now a good time to buy a home?
Posted on | December 20, 2008 | Leave a Comment Written by: Diane Donnelly
Simple. It depends. It depends on how long you plan to stay in the home. If it is 1-2 years, no. The market is to volatile. More than 2 years, it usually makes sense to buy. The newspapers, radio and TV create a panic. Stop listening. Instead, focus on local statistics. What is selling in Anne Arundel county? How long do homes take to sell, on average, in Anne Arundel county? How many homes are on the market in this price range in Anne Arundel county? What is going on in Las Vegas has absolutely no bearing on selling your house or buying your next house in Anne Arundel county. Your realtor can share all of this data with you.
REAL ESTATE IS ON SALE! INTEREST RATES ARE LOW! INVENTORY IS HIGH!!!!!
How can anyone argue that waiting to time the market is a better idea? Should any one of these conditions change, prices will go up. And they will.  It’s not a matter of if, it’s a matter of when. If you are currently renting, waiting out the market, you are wasting your money. You cannot write off any interest on your mortgage (but the landlord is), you can not write off the taxes (but the landlord is). Your landlord would not be happy with me by sharing this information with you, but it’s my duty as a real estate professional. Let’s suppose for just a second that you decide to buy. You have only one hesitation, “What if the market declines after I buy”? Consider this, it doesn’t matter. You see, if you are like most homeowners, you will be in your home between five and seven years. So if, in the short term, the local housing market declines, so what. You wait it out. Additionally, consider the tax benefits that you received because you purchased instead of continuing to pay your landlord’s mortgage. Now is a great time to buy! Real estate is on sale!
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Tags: buy now > first time buyer > Real Estate > rent > timing the market
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