Don't Let the Media Scare You!!!

This is the absolute Best time to buy!!, Whether its your first home or second, investment or helping your family to get a start, START NOW!!!
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August 27 2010 - US
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Replies (33)

Profile picture for sunnyview
I don't believe that this "is the absolute Best time to buy!!" There are no absolutes in this real estate market and people should be cautious before they commit to buying something that they do not understand fully. That doesn't make them scared, it makes them smart.
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August 27 2010
Profile picture for jmcmann4pres

Homes have depreciated in some cases 50% and interest rates are at all time lows and you think this is not the best time to buy sunnyview..............please!

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August 27 2010
If Bernanke says he is still " uncertain "about the economy this morning, following the GDP revision, it wont matter what the media says because investors will react and not in a good way.   
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August 27 2010
Roberta,
This is SPAM !

Also very irresponsible, You cannot wish this market away.
When us agents stop prostrating ourselves about this "great time to buy"
it will be a better time to buy.

It was a "great time to buy" in 2005 and it has been every year since...seriously?
Disingenuous sales pep talk do not belong in real estate at all.

Buyers and sellers now and always need honest information, guidance and patience from the people who are supposed to know more about this stuff than they do......us agents
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August 27 2010
Profile picture for sunnyview
Amen GRI. Can we put that on a plaque somewhere? The OP is spam, it insults people's intelligence and it makes the profession look slimy. It's a trifecta of yuk.
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August 27 2010
The best time to buy is an individual decision and is based on a variety of factors.  For many, now is the best time to buy if a person has job security, ability to be approved for a loan and has the desire to own a home.
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August 27 2010
more nonsense:

"The best time to buy is an individual decision and is based on a variety of factors."

Ok, explain that to the people who's 'individual factors' said 2006 was the best time to buy... See how they like the results so far!
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August 27 2010
Profile picture for Dunes....
Don't pay attention to the Media don't let it scare you?....

I'm a "Savy Realtor" and I say it's the Best time to Buy...

Who was it who that provided the Media with the negative housing Reports about Sales dropped 27% or pending sales reports or new housing reports that scare people...
Oh yeah, the National Association of Realtors..

So isn't "Savy Realtor" really saying....Don't let the National Association of Realtors scare you...It's the Best time to Buy?

Just wondering?
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August 27 2010
Profile picture for HousePoorAmerica

Yeh, don't let the media scare you about that hurricane heading your way either.

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August 27 2010
Purchasing real estate is truly destinguised on an individual basis.  For some it IS a good time to buy considering that pricing is down considerably and interest rate are incredibly low.  Whereas, for others, it may not be.

It all depends where they may be in life.  Maybe the lower interest rates combined with the lower cost may help one qualify for a great property.

Then there is the other side of the coin.  If one is unsure of their job stability, if they are speculating on home prices regaining substaincial value or other superficial reasoning, then maybe not.

Media or no media, always evaluate your indivual circumstances before you make a decision to buy.
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August 29 2010
Those who make blanket statements about a good time to buy, clearly arent savvy about economics either. (Unless meant in the savy pirate sort of way)
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August 29 2010
Profile picture for SoCal Engr
Heard over the years...

Prices are climbing. Get in NOW before you get priced out!

Interest rates may be a bit high, but this is forcing prices lower. Buy NOW before interest rates relax pressure on home prices!

It's a WEALTH-BUILDING opportunity! Don't worry about the interest rates, you'll be cashing out and moving up in 2 years!

Housing prices are dropping, and it's a buyer's market. Buy NOW before the best deals are gone!

Somewhere, I'm fairly sure there is a lyrics sheet to make sure everyone is on the same chorus...

Prices going up? BUY NOW before you get priced out.
Prices going down? BUY NOW before the deals are gone.
Interest rates up? BUY NOW while prices are being held in check.
Interest rates down? BUY NOW before rates go up.
Boom Economy? BUY NOW, home's have never been more affordable.
Down Economy? BUY NOW, home's have never been more affordable...if you can afford them.

The reality?

For people who are in a position to make discretionary purchases, the "right time" is a combination of factors. To cherry-pick one-or-two is pathetically desperate.

For some, it's never the "right time" - as their personal circumstances don't support buying as a reasonable course-of-action.

Conspicuously missing - people who "have to buy". There's no such animal.

There are only two categories of people for whom NOW is the right time to buy....

    Builders, who depend on sales to move their product
    REAs, who depend on sales to generate commissions
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August 29 2010
Okay, at the risk of being totally lambasted, I have to say this.

I get sick of both extremes.  I really do.

Its pathetic when agents say the same stupid s...s..tuff over and over again.

Its obviously important for agents to be realistic about the economy, there's no denying nasty stuff going on there, not necessarily a recovery in sight, things could get worse before they get better, yada,yada,yada.

But I also get tired of the same stuff coming from the "other" side.  Individual circumstances/wants/needs do vary.  Not everyone is an idiot because they have decided that, in spite of the general state of affairs, they want to buy, they can buy and they will buy.

I have respect for some people from both sides of the fence but I am tired of everything being portrayed as black and white and right or wrong.  I know that some people don't appreciate this but it isn't just a numbers game.
I mean really, if only it were that simple.

When I bought my house about 20 years ago, interest rates and prices were high.  Within several years, the prices plummeted. The value of my house dropped about 30% in less than 5 years.  Then starting about 10 years ago, the value of my house went from being about 30% less than purchase price to almost doubling in value during the insanity.  Just about when the market peaked was when we decided to renovate (out of necessity- 2 bed house with 6 people is really...cozy) and immediately after, values started plummeting.

We did what we had to do at a time we could do it.  Renting was absolutely not feasible with a family this large (and pets) in this area of very high rents. We needed a roof over our heads, the market totally screwed us and frankly, we still have equity in our home, we are not upside down so in many respects we are better off than many.
It still sucks but I wouldn't have, probably couldn't have, done anything any different. 

So, agents who keep repeating now is a great time to buy, just quit it.  Really, just stop.
Others who keep implying that people who buy now are just idiots, you have to stop too.
Its no longer productive, its all been said so many times before and for the average consumer, its not particularly helpful.

Sorry about the rant, been a long day.
People on here who I have grown to respect and admire, I hope we're still friends.  I have the utmost respect for the desire to bring realism to the home buying process, but things are never as simple as they are often portrayed.  I think this is a great forum for educating people and then letting them make their own decisions and then respecting that.
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August 29 2010
Profile picture for the_country_hick
Roberta, if now is the absolute best time to buy have you invested every penny of your savings in a reit?

If not you do not believe what you are saying.

Look at foreclosures, look at loan resets and recasts.

Look at slow slow slow sales.

Look at tighter lending standards.

Look at people unable to obtain credit.

Look at low interest rates propping up house prices.

Look at 12 months of housing inventory.

Why is it a good time to buy again?
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August 29 2010
Joan - I agree with you .
Real estate is not a one size fits all decision.
It's niether a great time to buy, nor a terrible time to buy.
It depends............

Roberto -  those who bought in 2006, and are still happily living in their homes, still employed and still comfortably paying their mortgage with NO plans to move anytime soon - I am sure  are still  very happy. They are living in their home - it's not seen by them as an investment property. 

As with  buying a stock - you don't suffer a loss until you sell. One may have a perceived loss, but it still isn't a loss until you sell.
 Anyone who bought or is buying for the long term, after reasonably assessing their personal financial and employment situation, should be fine. It's a personal decision. And, I agree with Joan that it doesn't make someone "stupid" for wanting to buy a home (now)  for their family to live in.

Blanket statements don't work or serve any useful purpose -  no matter which side of the fence you are on.

So..........imo............NO - It's not necessarily a great time to buy, nor is it necessarily a terrible time to buy....it depends on your outlook, and what you are hoping to achieve.
If one is looking for a sure thing - a definite investment or appreciation in the short term, they shouldn't buy.

If one wants to, say,  raise a family, and live somewhere for an extended period of time (many years), then it might be the right time for them to buy .
Like I said - it depends...........
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August 29 2010
Profile picture for vjmeht
Now is not the absolute best time to buy.  Housing prices were inflated way beyond what they should be.  This is the free market at work folks, in real estate.  Expect prices to keep dropping for at least the next 5 years if not 10, possibly 15.  It took 15 years to get here so expect rates to drop to historic lows and prices to fall so a person making at least 20k, can afford a home which is what was happening in the 50s, 60s and 70s as suburbs began to expand across the country.

Everything is going to be reset to match middle class incomes so more people can own a home.  It sucks for those who bought three years ago and put 20% down, the best advice for them is to call that your home for the remainder of your lifetime and those that keep seeing the water level rise on their existing mortgages who need to move to find better work may have to wait longer, apply for HAMP( Cross your fingers If your bank isn't one of the big three) or walk away .  I am of course excluding the greedy folk that bought into ARMs thinking they'd be millionaires overnight.

Real Estate Sales will boom again but people are renting and waiting on the sidelines.   They are smart they won't buy even if the $8000 tax credit returns.
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August 30 2010
I don't agree either its best time to buy.  Face reality, no jobs equal no buying. Renters won't jump in the market until they know prices start to move up a bit. Doesnt make sense to buy now.


But we will see what happens in the next 5 years. 

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August 30 2010
Profile picture for SteadyState
Don't let the agents con you!
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August 30 2010
Joan:

A good chunk of us are actually against unsupported, blanket statements - not purchasing in general. In fact, I am personally in the process of buying a home. The point we are going for is that there are good reasons to buy when it seems like there aren't, and vice versa....and if someone is going to make a blanet statement about the market that sounds like puffery, they'd best have some sort of scientific data.

My frustration with posts like this is that they devalue the real estate profession and really make it look like agency brings nothing to the table. Clearly, I believe that agency has a value....but it's difficult to make a case for it when there are numerous ridiculous posts like Ms. Wasser's for each post that adds real value. (Unfortunately, it isn't just on Zillow that this exists)
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August 30 2010

And don't let I scare you, if you understood my English.
If you are the renter, you are better to buy now.
The home price will bump on the way from now to the last quarter of 2013, which meant the home price will increase $8,146 to $175,200 in the 4th quarter of 2013 from $167,700 in the 4th quarter of 2010, per Fannie Mae's Housing Forecast (they are not always correct however)
With the $167.7K today home price, 4.5% interest rate, 30 years mortgage,  your mortgage balance will be $159,205 at the end of 2013 (assume no down payment), with $175,200 home price, you will have the equity total of $15,995.

What more? You can save the rent payment, if you buy now, you pay 30 years mortgage, and if you buy at next 3 years, you are still pay for 30 years mortgage plus 3 years rent.
And for those, who expected that the interest rate rise, which makes the home price drop further, you will be disappointment, since the interest rate is also bump on the way to 5% at the end of 2013.

http://www.fanniemae.com/media/pdf/economics/2010/Housing_Forecast_081610.pdf

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August 30 2010

.

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August 30 2010
Agree. Buy now!
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August 31 2010
Profile picture for sunnyview
Agree. Obnoxious!
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August 31 2010
Buy Now?!  Do you honestly think that people are going to read that ridiculous post and say, oh..okay?
You are giving agents a bad name by spouting the same nonsense over and over.
If you want to impress people with your knowledge, this is NOT the way to do it.
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August 31 2010
See Joan....it's easy to become one of us. ;-)

Imagine how is will feel in a few thousand posts time.
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August 31 2010
*Scary Darth Vader voice*
Joan, Debra....come to the dark side!
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August 31 2010

It is not ":a great time to buy" for most people.
Are there opportunities? Yes, with risks.
Will some people buy regardless? Yes but they should be making the decision with real information to base it on.

Unfortunately we as consumers like to be sold but if we as agents are going to sell them something........it should be the product we advertise,
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August 31 2010
Profile picture for hpvanc
It is nice to know that not all Realtors opt to have lobotomies.  Unfortunately many do.

The ad wasn't for Realtors, but traveling this past weekend I listened to a radio help wanted ad for salespeople of some sort, over and over, where the opening lines were something like "Are you so optimistic that it drives your friends crazy.  If so you probably already work in or should work in sales." and then it went on with the details for the brainless position.
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August 31 2010
Profile picture for lynrosect

If you are going to buy today, buy a preforeclosure.  You get a great deal on the house and you save the home owner from complete foreclosure.  It's a win win in a society that tends to only see one winner and thousands of losers.  Here's a google book about preforeclosure [Removed by Zillow moderator. Please see our Good Neighbor Policy.]
I bought a preforeclosure in March of 2010.  Since March my homes zestimate has increased by $44K over my purchase price. Now maybe a good time to buy if you make intelligent informed decisions.  However, if you follow the guidance of a shady realtor, you may deserve to make the worse financial decision of your life.  Buyer Beware!

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August 31 2010
Profile picture for Pasadenan
"If you are the renter, you are better to buy now.
The home price will bump on the way from now to the last quarter of 2013, which meant the home price will increase $8,146 to $175,200 in the 4th quarter of 2013 from $167,700 in the 4th quarter of 2010, per Fannie Mae's Housing Forecast (they are not always correct however)
With the $167.7K today home price, 4.5% interest rate, 30 years mortgage,  your mortgage balance will be $159,205 at the end of 2013 (assume no down payment), with $175,200 home price, you will have the equity total of $15,995.

What more? You can save the rent payment, if you buy now, you pay 30 years mortgage, and if you buy at next 3 years, you are still pay for 30 years mortgage plus 3 years rent.
And for those, who expected that the interest rate rise, which makes the home price drop further, you will be disappointment, since the interest rate is also bump on the way to 5% at the end of 2013.
" -


Now that it is the end of 2013, it appears that HomeSand.net's prediction was remarkably "accurate"!  We are not at the 5% interest yet, but with the new proposed overhead costs for the government loans, we will be shortly.

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December 26 2013
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