This is an interesting time in Real Estate for us all.
The common words that I hear every corner I turn, phone call I receive and e-mail I respond to has the same question..... "What is the market doing, should we wait a few more months before we buy?"
Let me first say that he who has the correct answer also has a crystal ball. (if you know who "he" is, I'd love to meet him)
First time home buyers, if you are thinking of Buying, get yourselves into a financial Institution and start exploring your options. Find someone who is recommending by a friend, family, co-worker, lawyer or me. I would suggest doing a bit of homework for yourself before going to the appointment and write down questions or thoughts you would like addressed. At the very least you will know what your options are and how to achieve them. Do not rely solely on what you see on the news or read in the paper.
Buying a second home/Investment, the comments above also apply. Choosing to buy residential property for Investment is not the same as Buying a Home for your permanent residence. Again, talk to your financial institution to explore your options. As an investor, the factors surrounding a property purchase will also change. Remember it is now an investment vs. a place to raise you family. Although both may be residential, you will have differences to consider before making a decision.
Downsizing is a term commonly used for "empty nesters." This is when the 3000sq.ft home is no longer sufficient for just one or two people.
Lawn care, shoveling snow, cleaning and not to mention the energy costs of maintaining a home of this size becomes greater than the amount the house is actually lived in. In this case you may need to sell before you buy.
"Is now a good time to buy or should I wait and see..." (What are you really waiting for? If you see prices come up... It's too late)
To all Buyers that are ready to buy I am saying to you... "I don't know, only you can make that decision."
I say this because it depends on so many factors that no one person can tell you in any market if it is a good time to buy without looking at your personal situation, motivation and how long you plan on keeping what you buy. These are only a few of the key factors that need to be addressed on an individual basis.
Interest rates are favorable, many sellers are motivated and you certainly have choices. It is a Buyers market and renting puts money in someone else's bank account so why not put it back into your own.
If you are looking to buy a home that you plan on keeping for some time then when you see the right one, strongly consider it.
If you are looking for an investment, keep your eyes wide open, there is plenty out there but the best ones go quickly in any market.
As the statistics show, "Any consistent, significant rise in inventory for 3 months or more will be reflected in prices 6-24months later" -we are there-
Prices and Interest rates have come down and inventory is up. There is not One answer to fit everyone. Surrounding yourself with a team of professionals is the first step to a successful sale. If you take nothing else from this blog please remember that everyone has different goals and paths to get them there.
Generally speaking, my opinion is yes, 2009 could be a good time to buy for you. I would buy in 2009
Don't rush into anything to quickly but keep your finger on the pulse and your Realtor searching because you are not the only one looking. Even when sales appear to be in a slow period, the desirable properties never last! If this happens to you then you know that you waited too long and it's to late.
When you are ready to start exploring your options and watching the market in our backyard, feel free to call me and I will send you market and interest updates. This is a valuable way to follow the trends. When you need a referral to find out your mortgage options are or how to get started I will put you in touch with someone that I highly recommend.