Profile picture for klarek the realist

Is now the best time to buy a house?

I was told last year that THEN was the best time to buy.  Also, a year before that, THEN was the best time to buy.  I'm confused, and now everybody says that NOW is the best time to buy.  Is it?
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December 20 2008 - Fairfax
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Profile picture for SlickPoetry
I think someone might've been lying to you...
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December 20 2008
Profile picture for jamhie
More unemployment is coming meaning fewer people gonna buy.

Most houses have double the price since 2003 or 2004.

You should always offer 25% to 30% lower than the asking price / market price.
The Seller should be very thankful an Good Credit buyer is interested in their house.
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December 21 2008
Chutta, you are right, sorry for take your time ;-)
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December 20 2008
Hoang,
Two totally different things.  I do not even know where to begin.

If I represent the Seller and a Buyer comes in... I do not tell them "it is a bad time to buy".  I show them the house.  If they want to buy then they buy.

If I represent the Buyer.  I do not tell them "it is a bad time to buy".  I try to find out what they want to buy.  We look at the market.  We look at what is on the market.  We look at so many different things, both economic and personal then we decide if it is a good time for the Buyer to buy or not.  In the end it is the buyer's decision.  Only after looking at everything can we decide if it is good time or bad time to buy.

Easy example.  My client comes in and tells me they want to buy.  If they tell me that they just came out of bankruptcy and just lost there job and have no savings.  I do not care how much they want to buy a house.  It is not a good time to buy a house.
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December 20 2008
The real estate like the other industries, their job is service the customer.
This is another example :
I'm work in aero space industry, some beautiful day, the customer come and order my produce,
I can't say " eh, this is a bad economic's time, you should not buy the part, otherwise your company gonna bankrupt ".
My job is do the parts and sell it to them, and my job isn't give to them the advice "buy or don't buy".
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December 20 2008
For example :
The agent say "The house sold in LA, california is double form this time last year", yes, it's true  -
Yes this is just sharing accurate information.  Maybe if you have more you should share more.  I disagree that its Buyer's side Agent's job to put the Buyer in a House.  It is to give the Buyer as much information as the Buyer wants and needs, to make an educated decision.
The agent say "You have to buy the house, if the mortgage payment+tax less than rent", yes, it's true - I do not agree, only for the fact that the agent shouldn't even suggest that the Buyer should buy.  They should point out the information, and explain how it is favorable, but not tell the Buyer they should Buy.  The Agent again should give all information that is applicable besides only that which helps push the sale along.
Over 2.5 millions people buy the houses at last 6 months, not every of them is not smart. - I agree.  Each individual will have their own reasons for buying.  Agent's job is to help them through the process and to also help the individual based upon their need for consultation.
At certain time, Them say to themself "Well, It time to buy", then It's right time to them ( I don't talk about last 3 years) - I agree.
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December 20 2008
In my view, there are nothing wrong to take advanced of the webside to do the bussiness.
As long as it's in the limit of the moral.
For example :
The agent say "The house sold in LA, california is double form this time last year", yes, it's true
The agent say "You have to buy the house, if the mortgage payment+tax less than rent", yes, it's true
Over 2.5 millions people buy the houses at last 6 months, not every of them is not smart.
At certain time, Them say to themself "Well, It time to buy", then It's right time to them ( I don't talk about last 3 years)
Needless to say, the banks's to day are different from the banks's last years.
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December 20 2008
Hi Chutta !
You read my mind.
Yes, the agent should tell the trust.
My point is the agent needless to feel as the sinner if he working as mormal bussiness.
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December 20 2008
Hoang,
I sort of feel that the SPAM that we see on this board is purposely misleading.  It will not take advantage of educated buyer like yourself, but it will take advantage of those people that do not know what they are doing.

I really believe that the sort of "propoganda" that we see from some agents and mortgage brokers (on these boards) is purposely misleading to generate sales.  I do not think that is fair to the consumer or the very many really good agents out there.
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December 20 2008

Hoang,

I think I agree with you.  Tell me if I understand you wrong.  You are saying that an Agent's job is to assist in the buying and selling process.  That is the minimum job requirement.

I sort of agree with you.  Although in a market right now, I do not know if it is fair to say that it is ok for Agent to push Buyer's to Buy and to give possibly misleading information, just because they "do not know any better". 

Now that being said, I am not the be all end all of knowledge, but I do believe that we should all look out for the best interest of our clients. 

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December 20 2008
Hi Chutta !
I knew that you are the honest agent by the old fashion way, and that is good to be the honest agent.
However, When the agent don't talk the lie nor true, that is not mean they are the bad agents.
The agent need to balance the interests between seller, buyer and the agent's life himself.
The seller can sell the house.
The buyer can buy the house within his capacity.( The buyer today is very well education about the real estate market,
Television, news paper, friend, etc... )
The agent need to make the living ( not only for himself, and also for his children )
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December 20 2008
Hoang,

In markets especially like this the Agent should be a counselor, we are not talking about counseling buyer/seller about their finances, its about counseling them about their real estate purchase/sale. 

I counsel both my buyer's and seller's.  If my seller wants to sell in this market I need to know why and what their motivation is... if they do not need to sell or can figure out a way to survive the market then I tell them not to sell in this market.  It depends on their individual situation.

vice versa with the Buyer.  I need to know their motivation. 

The more knowledge the Buyer/Seller has, the less counseling they will need as they have a firm grasp of what they want to achieve.  In those instances I need to know what they want to achieve so I can help them meet their goals.

That being said, you would be surprised how little many buyers/sellers know about RE and in those cases you need to help them figure out what their goals are and what the right course could be in achieving those goals.
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December 20 2008
"Is your clients current job secure?  Does your client have a significant amount of savings?  Why does your client want to buy?"
Hi Chutta,
The real estate agent's job is selling the house, and help the seller and buyer do the transaction for the house.
they are not the financial counseller.
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December 20 2008
that they come in with these great one liners "prices are down and rates are great".
Chutta, you are forgot the line as " You should live in the house you love !".
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December 20 2008

I am sure many will disagree with me.  It is not about predicting market swings.  It is about making an educated decision based upon market factors.

The thing that bothers me about agents is that they come in with these great one liners "prices are down and rates are great" as if that is the end all be all to making a decision on purchasing a home.

At a point in time like this your clients are looking to their REA's for a professional assessment of the situation and if your criteria is that prices are lower then a couple years ago and rates are low...  What about the possibility that prices could drop further?  I'm not asking you to call a bottom, but at least be cogniscent of certain market factors.  Is your clients current job secure?  Does your client have a significant amount of savings?  Why does your client want to buy?

I've lost clients because I told them they should not buy, but in the long run if you ask the right questions and know more about market factors rather then "just because" you will be doing your clients a greater service.

My preference.  High rates with prices shooting through the floor.  But that is just me.

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December 20 2008
Profile picture for klarek the realist
Reg,

I'm trying to sell my car for $20k.  If I doubled the asking price, then reduced it by 30% to $28k, would you then buy it?  The analogy is accurate, so clearly it must be a great time to buy my car for $28k.  And the rates are low too!
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December 20 2008
It is hard to predict the market swings, but it is a great time to buy a house right now. Rates are great, and prices are down.
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December 20 2008

I think Silent is right.  There are factors that are moving towards an equilbirium.  Are we there or even close?  Maybe in some areas, but not even close in many.

What makes it still a big ?? in most markets are the continuing loss of jobs, high inventory and overall economy.

So even if you are buy is less then rent, if your area is losing jobs, or has high inventory there are still question marks.

I think on an invidual basis you will have to break down specific neighborhoods and probably one of the few justifications for buying would be the scarcity of the product available (i.e. oceanfront in Hilo, HI has moved from high inventory to low inventory over the past 3 months 2 homes closed and 1 in escrow (out of total 7 homes), now if you were on the fence for that product and you "have to have this house" its probably a time to be looking).

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December 20 2008
Profile picture for silent_observer
honestly, i see some activity picking up now. i saw this happening last year before the credit crisis started when people tried to catch the falling knife thinking everything is fine. it is happening again but this time it is different.

1. it is hard to get loans now unless you have good credit + income + down payment.

2. prices have dropped where rent vs buy makes sense.

only troubling factor is "THE ECONOMY". if govt. finds a way to stop the joblosses by doing whatever crap they can do (i doubt it) then we are pretty close to one.

15% off from current market price is a good buy.

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December 20 2008
Profile picture for aapostrophe
yes.  now is the best time to buy a house.  the media will find happier things to report about- maybe britney will get married again! and then without all the doom and gloom frightening buyers- sales will escalate.  prices are sure to double and triple quickly as soon as this happens.  
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December 20 2008
Profile picture for aapostrophe
yes.  now is the best time to buy a house.  the media will find happier things to report about- maybe britney will get married again! and then without all the doom and gloom frightening buyers- sales will escalate.  prices are sure to double and triple quickly as soon as this happens.  
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December 20 2008
 
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