If you are among the thousands of people waiting for home prices to bottom out, consider this November, 2008 National Association of Realtors survey fact: Many homeowners now plan to stay in the homes for 10 years. That’s three full years longer than the historical 7 years. What does that mean to you if you are a ‘fence sitter’, waiting for the real estate market to bottom out?
It means that you can never perfectly time the bottom of a market. It means that if your home is long term, or even middle term investment, this may truly be your best opportunity to buy real estate. It means that many buyers will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime. So reasons Ron Lieber in his December 6, 2008 New York Times article: It May Be Time to Think About Buying a House.
First time home buyers especially have the advantage of not having to sell their current home before buying a new one. And since more people seem to be making a longer commitment to their homes…not looking to build overnight equity…confidence in hard, home town assets makes sense right now. “Since prices generally soften in the winter, it also makes sense to start looking seriously once the mercury bottoms out”. If you wait until next spring to look, “you may find that you do not have the choice you thought you would have or be in the bargaining position you thought you would be”.
And in case you need yet another reason to consider getting off the fence, there are rumblings in the lending community about the federal government driving down 30 year mortgage rates to 4.5%!
Since much still depends on location, comparables, credit scores and mortgage rates, you should consult with your real estate professional and/or lending professional before taking the plunge, why not email Doug@LincolnParkLiving.com today and start your search before you are trampled by the spring ‘hindsight’ rush.
Courtesy of Pamela Butler, SellingSolutions@ameritech.net