Are you wondering if it is time to buy now?

There are so many reasons to buy right now! The 2 top reasons are prices are down and so are interest rates. So why are buyers not running out and immediatly writing an offer?  What are your thoughts as a buyer and or as an realtor working with buyers?

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February 01 2011 - Mandeville
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Replies (98)

Hold on to your clipboard Peggy you should get a few responses to this question.
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February 01 2011
Profile picture for zoeboesmom
LOL, I have never met an agent who didn't think "now" was the time to buy.
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February 01 2011
Profile picture for Dunes....
Those are also the same 2 Reasons given in 2007-2008-2009-2010 by the National Association of Realtors plus many Agents posting everywhere on the Internet...

People are not running out to Buy because Agents having been yelling Wolf every day for Years now and been proven wrong for the most part..
They doubt the Expertise and  doubt the motivation for comments like "There are so many reasons to buy right now"

 IMO Agents as whole have very little if any Credibility with the Public anymore and they worked very hard to achieve that Lack of Credibility
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February 01 2011
Profile picture for breezz
The expressions of one individual who feels he speaks for others, seem interesting almost self promoting
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February 01 2011
Areas that have had the highest number of foreclosures that have forced banks to sell homes at ludicrous reduced amounts which have made home valuations plumet to historic levels not seen in decades are perfect locations to buy, buy, buy!  i.e.:  Las Vegas, NV and Fla!
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February 01 2011
Profile picture for breezz
And yes it is a good time to buy when you buy it right.
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February 01 2011
Profile picture for the_country_hick
Prices are up? Have you seen what house prices have done over the past 50 years? I know people who bought their house for under $3,000 in the 1960's. I know people who bought for under $50,000 in the 1980's. With house prices being over $100,000 still how can you say house prices are down? They are definitely up.

Even inflation adjusted house prices are still high.

Do you know what the housing bubble really looks like? ... - Zillow Real Estate Advice  <--- Look here to see how house prices are still to high. This shows a 100 year house price index inflation adjusted.

Then we have a serious economist below saying house prices need to drop 23% to be at the historic norms.
Peter Schiff: Here's Why Home Prices Have To Decline At Least 20% And Probably More

Maybe you do not like him, how about the federal reserve saying house prices are still to high?
The Fallacy of a Pain-Free Path to a Healthy Housing Market - Economic Letter, December 2010 - FRB Dallas

Read below to see how low interest rates really hurt buyers who buy now. I bet you did not know this. When interest rates go from 5% to 7% buying power will drop by 23.7%. That turns a $200k mortgage payment at 5% into a $153k mortgage payment at 7%.
How Interest Rates Affect Property Values

As far as wondering if this is the time to buy the article below answers that.
The Story Of 2011 Will Be The Second US Housing Crash

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February 01 2011
Profile picture for wetdawgs
Ah oh, someone has been reading the NAR talking points!!    Show us some thinking (real thinking with statistics, not talking points) behind the statements and then I'll comment further.
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February 01 2011
Ok Folks! When is a good time to buy??

Since you guys seem to know better than the folks in the trenches everyday.

What I do know is...... what a good time for one person to buy is not necessarily a good time for others to buy.

Some people maybe should neverbuy....My question is why all you folks are so negative about homeownership????

And Dan whileyou are looking up those stats did you check to see what a loaf of bread cost 50 years ago? a new car? a gallon of milk? a gallon of gas??? All prices have gone up on everything for the last 50 years!
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February 01 2011
It's a good time to buy my listing in Richfield MN

Why?

Because I want it sold!
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February 01 2011
Profile picture for the_country_hick
Cindy, I do know that all prices have increased over time since the dollar was removed from the gold standard. I also know that the dollar is worth-less over that time.

I am also well aware of how house prices went beyond reason and are still in the process of correcting. However, if you look at an inflation adjusted chart house prices are still to high.

Simply saying that house prices are down is wrong based on historic standards. Inflation adjusted since 1890 houses have cost about $100,000. During the depression they fell to about $60,000. We see that with bubble dynamics that prices often undershoot the start point about as much as they went to high. Tech stocks are down compared to the top of the bubble in 2001. Does that mean it is a good idea to buy them in 2002? It did not. The same way just because house prices have dropped below bubble highs does not mean they are a good buy today.

As to when it will be a good time to buy that is simple. Once the government allows the free market to charge a reasonable interest rate and allows foreclosures to go through easily and legally. hen the foreclosure inventory (10 million more to come) gets eaten up so inventory is decreasing instead if increasing it could be a good time to buy. That will be at least 2 more years and could be 5 or more depending on the economy recovering or not.
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February 01 2011
I agree with Cindy. And I quote "What I do know is...... what a good time for one person to buy is not necessarily a good time for others to buy".
Thanks Cindy.
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February 01 2011
Profile picture for Pasadenan
"What are your thoughts as a buyer and or as an Realtor working with buyers?" -

I'm a "future buyer" as I already own outright with no mortgage and no other debt, and am not in a position to move presently due to other obligations.  I have little respect for NAR propaganda.  How did that propaganda work out for your buying clients in 2004 through 2008?  Have you noticed all the foreclosures yet?

Most of the NAR members that repeat the NAR talking points have stated that "no one has a crystal ball".  Well, I have several, and I can tell you that the bubble decline is not over throughout most of the nation.  And I can tell you that when interest rates start rising, prices will drop some more, even faster.  And I can tell you that the government and federal reserve is trying as hard as they can to inflate the nation out of this by devaluing the dollar, but they are having little success.  And I can tell you we have about two more years of decline coming, and millions of foreclosures to go with it, but that the Fed and HUD and congress is trying to extend the time it takes for the bubble to decline as long as possible in hopes that inflation will eventually catch up.  And I can tell you that price to rent ratios indicate it is still not time to buy most properties yet, but the time is eventually coming.  And I can tell you that the right time to buy in this area was 2000 and that the time to sell was summer 2007, but even then, the 10% to 25% transaction costs and increase in property tax when the property transitions between owners still makes it hard.  (but a 500% increase in value in 7 years compensates for that; and only a 200% increase was anticipated in 2000, but that's NAR, HUD and Congress for you - thus making the fall even harder).

So you really want to buy?  How about buying one of my crystal balls to start with?
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February 01 2011
Dan you make some very valid points in some areas....I do not agree with all of them but that is what make this Country so Great! We can agree  to disagree on some points and still respect others opinions and questions.

I am not real sure what some folks have against NAR..it is a trade organization, of professionals that are held to a high standard of ethics. Remeber not everyone is a Realtor! We quote stats that we believe in just like Economist quote stats that they believe in, but you can always find an opposing quote or"fact".

They are all Professional opinions to the best of their ability......

All Real Estate is local so each and every area is totally different, that is why Realtors study their areas and properties. Realtors do not set pricing, prices are set by the consumer....a house is only worth what a buyer is willig to pay for it.....Has there been a bubble and outrageous, unsustainable pricing....yes no one argues that...unfortunately it is called supply & demand... 
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February 01 2011
Thanks Brandon......
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February 01 2011
Profile picture for Pasadenan
"I am not real sure what some folks have against NAR..it is a trade organization, of professionals" -

Well, then I'll just post 40 of the over 100 NAR talking points that have been pure propaganda causing millions of foreclosures and millions of bankruptcies:

1) Housing prices always go up
2) People never lose money in Real Estate
3) They aren't building anymore land
4) What goes down must go up
5) If you rent you are paying your landlord's mortgage
6) Buying means you get an income tax deduction
7) Renting is throwing money away
8) If you buy you are building equity
9) All markets are cyclical
10) All Real Estate is local; national trends and economic factors have nothing to do with the local area.
11) 70% of FSBO give up and get an agent
12) less than 5% of people sell FSBO
13) Selling FSBO is leaving thousands of dollars on the table
14) Realtors will always negotiate more for a house you are selling and will always negotiate a lower price for a house you are buying.
15) There is not cost for a Buyer's representative agent, it is "free".
16) It is always the best time to buy
17) Low interest rates mean housing is "more affordable", thus you won't lose if you buy at low interest rates.
18) Interest rates have never been lower
19) Interest rates will never be lower
20) Prices are at the bottom, they will not go lower.
21) Don't worry about loan resets on ARM's as you can always refinance.
22) Housing is always a good investment as people always need a place to live.
23) It is always better to spend someone else's money so that you can invest your money elsewhere.
24) REA fees are always negotiable, there is no industry norm of any kind.
25) You always get what you pay for.
26) If you go to a discount REA that doesn't expect the "standard fee", you will not get full service.
27) Home ownership is the "American dream"
28) Give your best and final offer as other offers have been made.
29) REA's will find your dream home
30) REA's know how to find the best home for you.
31) REA's will find the perfect home.
32) REA's only want to make the client happy; they don't care at all about the commission.
33) Buyer's agent agreements are specifically to protect the buyer.
34) The housing market will recover to 2005 prices.
35) Values of homes are not decreasing, the median sold price is rising.
36) We are in a housing slump
37) If you think prices are dropping you are a "half empty" person.
38) What you think is what you become
39) Leveraging is always a good thing as you can make money off of someone else's money.
40) The break even point for buying is 2 years.


When those that pretend to be professional stop giving those partial truths or full lies, then maybe the National organization can be respected.  But there would have been no need for any "stimulus" from the government if NAR hadn't intentionally caused 80% of those problems in the first place.

Oh, and here is a good link for how many of those so called "professionals" act:

listing agent

(And no, those NAR members that don't repeat the NAR propaganda do not fall in the same category as many of those are actually professionals instead).
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February 01 2011
Profile picture for sunnyview
The NAR economist has not been a good barometer for the direction of the market so although there are lots of opinions, his has been pretty far off for the last few years here.

I think that people always have to make their own decision, but in general I think that it is safer to buy when you can get a PITI at least equal to if not less than rent. That way if you have to move unexpectedly you don't have to sell in a down market and the house will not choke you if you hold it as a rental.
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February 01 2011
Profile picture for the_country_hick
My problem with NAR? It can be summed up simply with this LINKY

Look at the link. The bottom says 2006. 10/26/2006 for one reference
Interest rates near record lows
Large inventory won't last
Prices overall have stabilized
Positive outlook
Real estate is a great investment
Don't delay now is a great time to buy or sell a home

Be honest here. Since 2006 has the large inventory gone away?
Since 2006 have interest rates dropped?
Has it been a positive financial outlook buying since then to today?
Was real estate a great investment for everyone who bought in 2006?
Did delaying buying in 2006 make a person stronger or weaker financially?

All real estate is local. And all real estate went into a bubble except maybe some places like North Dakota. It is deflating it just means some areas take longer to drop than others. Nationwide sales volume dropped 23% since last year. Some states were over 40% fewer sales. How was your area for sales volume and inventory levels compared to 1,2, and 3 years earlier?
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February 01 2011
Agents have been saying "its time to buy" for 4 years on here... 

Now, cindy care to explain to any 2006 buyers how it was the right time for them to buy? ANY of them? 
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February 01 2011
Again Folks Real Estate is Local!

I dont know what area of the country you each live....our part of the country did not crash and burn when other areas did....our area has always seemed to be a little immune and different than the rest of the country to the housing when it comes to pricing.

Any buyer who needed a home in 2006, made it the right time for them to buy!

Before Hurricane Katrina the area we are in had a very low supply of housing....so after Katrina.......there was no suppy of housing....it took 1-2 years to build enough housing to accomodate people moving in and out of our area and yes that surge in demand drove pricing up.

The cost of building increased significantly.......therefore driving prices up....Our area needed a price correction prior to Katrina....the natural way of the market should correct these things.

Now Realtors did not cause this to happen........The crisis you have seen in the financial and real estate market was driven by greed! Housing has always been a good investment......however when consumers take every penny of equity out of their home, so they can drive a new car, put a pool in the back yard, go on expensive vacations, etc.....Those same consumers wanted their homes to bail themselves out of a hole!!!!! Here lies one of the big problems.
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February 02 2011
Profile picture for sunnyview
"Housing has always been a good investment."

Tell that to people who bought high and who now cannot sell, move or refinance. Many owners who are underwater never took a penny out of their home. That underwater majority would tell you that housing has not been a good investment for them.

If housing is an "investment" then it needs to pencil out. Buyers need to do their homework before they buy and run the numbers for themselves.
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February 02 2011
Profile picture for Pasadenan
Cindy, apparently you have not kept up with the politics of what your National Association did.  They lobbied congress and HUD for nothing down housing purchases, and for government subsidies that kicked money back into pockets of people that couldn't afford to buy, and lobbied to reduce the qualifications for people to obtain loans that were guaranteed by semi government agencies, with low initial payments to get more people into home ownership, which increased prices.  Congress went along with it as it put more money in circulation in the economy which increased tax revenue.

The National Association also did major media advertisement campaigns with huge propaganda statements to artificially increase demand, which also increased prices.

Though Katrina may have had an additional effect on your market, your market is not immune from national policy on jobs nor national monetary policy.  To believe that is intentionally wearing blinders.
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February 02 2011
Profile picture for Pasadenan
"I don't understand when one will person pontificate about real estate agents as if all agents are the same." -

Well, perhaps that is because you did not read?  Yes I pontificate; but I never claimed all agents are the same.  To the contrary, I posted some repeat NAR propaganda, but the "professionals" don't.

And I answered questions directly for the person that asked, not a generic response that applies to everyone.

But creating wealth through Real Estate is also NAR propaganda.  Less than 0.1% of the people that buy Real Estate can create any wealth through that activity.  And millions and millions and millions of people have become bankrupt because of it, including agents that over-leveraged during a bubble.

Certainly, a "professional" that obtained their license with only 2 weeks of training and a short 1/2 day test and a few hundred dollars of fees in order to fill out a fill in the blank 5 page contract form, who is not a licensed investment adviser; is not the person to be getting ones sole financial advice from.
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February 02 2011
Wow, the first post was right! I can't believe the responses. What I do not understand is the simple question of why buyers are not seriously looking has turned into a bash NAR conversation. I thought people were supposed to be respectful.
Pasadenan, NAR did not create the " wealth thru real estate". That dream was created by a lot of very greedy people, bankers, investors etc. I
As far as 2 weeks of training and a short 1/2 test is concerned, you are far off the mark on that one. I have done research over the last couple of years looking to see what is required  for a real estate license. Just FYI, Louisiana requires 90 hours just to take the test and once licensed an additional 45 hours classwork completed within the first 180 days after licensing. Ethics is a four hour class that also is required in the first year and minimum every 4 years afterwards. 
Florida must complete 63 hours classroom and addtional 45 hours post licensing. For the most part, the licensing requirements are stringent and not very simple.   
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February 02 2011
Profile picture for workabee
OOOooo. So with all those hours in I'm sure you can share with the class why it's time to buy NOW.
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February 02 2011
Profile picture for Dunes....
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February 02 2011
Profile picture for the_country_hick
Peggy, the time to buy is now because of low prices and low interest rates has been a NAR talking point for years. Since the message is straight from the NAR active archives it only makes sense to see it and respond to it as a NAR talking point.

As far as spending 108 hours in classes to get qualified that is very little. Less than 3-40 hour weeks to be qualified to handle multi-million $$$ properties? That seems like very little for what is being handled.
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February 02 2011
Profile picture for Dunes....
To be a Beautician in Louisiana...Link

• Completed required hours in an approved cosmetology school curriculum
• Passage of the required State Board examinations
• Payment of proper fees
Required hours vary depending on which license the applicant seeks:
• Cosmetologist: 1500 hours
• Esthetician: 750 hours
• Manicurist: 500 hours

IN Florida

Florida Cosmetology License Requirements
To receive a cosmetology license in Florida, students must obtain the following hours:

COSMETOLOGIST: 1200
NAIL TECHNOLOGIST: 240 hours
SKIN CARE: 260 hours
Link

So 240-500 Hours Classes/Training to handle Nails

1200 to 1500 Hours to Handle hair

Just to take the Test...

How many hours did you say to "Just to take the Test" to handle what's most likely the Largest Financial Transaction/Obligation the Clients will ever be involved in?

Shall we check how many Hours for Doctors or Lawyers "Just to take the Test"......90 hours followed by an additional 45 hours isn't sounding that impressive

And a 4 hour Ethics class every 4 Years? Wow

The question was Is it time to buy now..
The poster & other Agents/Realtors say interest rates/prices=yes

Others say no and among the reasons is interest rates/prices has been the continuous reason given by Realtors and NAR (NAR who has had a Yearly multi-million Dollar National Ad Campaign to get out the message interest rates/prices=yes since 2006)

Apparently some feel pointing out this was not True for many during those years as a reason to question or doubt that
interest rates/prices=yes ....is NAR Bashing or Anti-Realtor.
I disagree with that view

Not really sure what the Agents have to take X hours to "Just take the Test" was suppose to prove or support but I didn't find the X hours particularly impressive.....
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February 02 2011
2010 and forward...

Short sales and bank owned properties are slim pickings right now...Florida is my market.

You can also get a lot of great deals by purchasing new constructions. Builders are giving upgrades galore to put a deal together!

Good luck to all!
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February 02 2011

A lot of angry comments.
It's the governments fault, not the NAR's that we are in this mess. Their thought that "everyone should be a homeowner" allowed lenders to lend to any and everyone caused this, NOT some realtors saying "today is a great time to buy".

Now is a great time to buy for "some" and not such a great time for "others". It all depends where you are in your life.

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February 02 2011
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  2. 601 Dove Park Rd, Covington, LA Home For Sale
    601 Dove Park Rd, Covington, LA 70433

     For Sale: $462,850

    • Beds: 4
    • Sqft: 3953
    • Baths: 3.0
    • Lot: 65340
  3. 137 Reiher Rd, Mandeville, LA Home For Sale
    137 Reiher Rd, Mandeville, LA 70471

     For Sale: $268,000

    • Beds: 3
    • Sqft: 1800
    • Baths: 2.0
    • Lot: 120661