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- Rich Lee, "Real Estate Geek"
- Contributions:99
There are a couple of factors to consider if this is a great time to buy.
First, it depends on the consumer or investor. For the consumer, this has to be the right point in life. Each consumer has to ask that question of himself or herself. "Am I ready to settle?" "Do I want a place to call my own?" "Am I ready for the responsibility of homeownership?" "Do I know where I want to live?" For the investor, he must consider whether he can find real estate to fit his investment goals.
The next factor to consider is where we are in the housing cycle. The housing cycle is very long. I'm not going to discuss why its long but just point out that it is long. You can take a look at the Case-Shiller Index. I have a chart for the Boston Market on my site: [link removed by moderator] . We won't know when the bottom of the housing will take place until it passed. You need to know that based on past housing cycles, we're a long way from the next significant housing upswing.
Finally, you should consider how your local market is doing before deciding whether you should buy or not. What's the rent vs buy comparison look like? In some markets, it is less expensive to rent.
If you answer these questions and think it's a good time for you to buy, contact me if you are looking to buy in the Boston area.
Cheers,
Rich
First, it depends on the consumer or investor. For the consumer, this has to be the right point in life. Each consumer has to ask that question of himself or herself. "Am I ready to settle?" "Do I want a place to call my own?" "Am I ready for the responsibility of homeownership?" "Do I know where I want to live?" For the investor, he must consider whether he can find real estate to fit his investment goals.
The next factor to consider is where we are in the housing cycle. The housing cycle is very long. I'm not going to discuss why its long but just point out that it is long. You can take a look at the Case-Shiller Index. I have a chart for the Boston Market on my site: [link removed by moderator] . We won't know when the bottom of the housing will take place until it passed. You need to know that based on past housing cycles, we're a long way from the next significant housing upswing.
Finally, you should consider how your local market is doing before deciding whether you should buy or not. What's the rent vs buy comparison look like? In some markets, it is less expensive to rent.
If you answer these questions and think it's a good time for you to buy, contact me if you are looking to buy in the Boston area.
Cheers,
Rich
- Nate1242
- Contributions:104
Yes, it is a very good time to buy... no questions.
- Dan, "the_country_hick"
- Contributions:4699
There are many landlords today,(should I say reluctant landlords?) who subsidize their tenants. The landlord has to add extra to the rent to cover the mortgage. There are also many landlords who bought long ago and can afford their much lower pre-bubble mortgage cost.
- Steven Pacchiano, "NY Broker"
- Contributions:313
if its not a good time to but then you must be thinking its better to rent, so......The rent your paying is going to pay another persons mortgage.
Every time he pays his mortgage, his mortgage is being reduced. The landlord, if he was smart, his rents are covering the mortgage, taxes and expenses, and hopefully has some that also goes into his pocket.
As a landlord, my self, im currently making just over 13% a year on my investment. cant get anywhere close to that in any bank or fund.
If a person has a down payment, and a job that can afford him/her "whatever mortgage" they should buy.
This is not for personal gain..... im saying this, damn as a landlord with good tenants, trust me i dont want them to move out and buy their own homes. But if they did tey would be better off.
Every time he pays his mortgage, his mortgage is being reduced. The landlord, if he was smart, his rents are covering the mortgage, taxes and expenses, and hopefully has some that also goes into his pocket.
As a landlord, my self, im currently making just over 13% a year on my investment. cant get anywhere close to that in any bank or fund.
If a person has a down payment, and a job that can afford him/her "whatever mortgage" they should buy.
This is not for personal gain..... im saying this, damn as a landlord with good tenants, trust me i dont want them to move out and buy their own homes. But if they did tey would be better off.
- Dan, "the_country_hick"
- Contributions:4699
For those who say it is a great time to buy I want you to answer 3 simple questions. (Realizing that people normally buy about as much house as they can get mortgage for.)
What happens to house prices when interest rates go to 7%?
What happens to people who buy now and have to sell when interest rates are that little bit higher and they need to sell?
Can you define great values? I assume that you mean 1998 prices plus about 30% to cover inflation since then yes?
What happens to house prices when interest rates go to 7%?
What happens to people who buy now and have to sell when interest rates are that little bit higher and they need to sell?
Can you define great values? I assume that you mean 1998 prices plus about 30% to cover inflation since then yes?
- Dunes....
- Contributions:3894
A Real Estate Agent asks "Is this a Great time to Buy?" and Agents pile on and say "Of Course it is, of course it is"
Glad this Marketing approach is working so well for you..must explain the high regard the public has for RE Agents and the huge pool of buyers...
The RE Industry has met the Enemy and the Enemy are RE Agents...
"realt estate community is under an extremely stringent code of ethics, laws that protect the consumer (agency fiduciary responsibility), and education requirements."
Really lol...
You can put a pretty dress on a pile of manure but it's still just a pile of manure
Glad this Marketing approach is working so well for you..must explain the high regard the public has for RE Agents and the huge pool of buyers...
The RE Industry has met the Enemy and the Enemy are RE Agents...
"realt estate community is under an extremely stringent code of ethics, laws that protect the consumer (agency fiduciary responsibility), and education requirements."
Really lol...
You can put a pretty dress on a pile of manure but it's still just a pile of manure
- Steven Pacchiano, "NY Broker"
- Contributions:313
In response to the last post:
Yes now is a great time to buy, if you can afford it. If you have a good down payment, if you have a secure job that will pay you enough money to cover your mortgage, taxes & utilities.
Now is also a Great time to Sell. IF you are Up grading to a bigger home. Not if you are down grading or looking to rent an apartment. As the goal is to take advantage of the low interest rates and low prices.
Yes now is a great time to buy, if you can afford it. If you have a good down payment, if you have a secure job that will pay you enough money to cover your mortgage, taxes & utilities.
Now is also a Great time to Sell. IF you are Up grading to a bigger home. Not if you are down grading or looking to rent an apartment. As the goal is to take advantage of the low interest rates and low prices.
- klarek the realist
- Contributions:7044
How can anybody ever trust a realtor, especially one that says "now is a good time to buy"? 99% chance they were saying the same thing in 2007.
Regarding what makes someone a desperate agent, it's definitely not the person trying to warn their clients that the market is not stable and could continue falling. Celeste, I found your remark towards Rob to be both condescending and laughable.
Regarding what makes someone a desperate agent, it's definitely not the person trying to warn their clients that the market is not stable and could continue falling. Celeste, I found your remark towards Rob to be both condescending and laughable.
- Peggy Fong Chen, "PeggyFongChen"
- Contributions:343
If you need to buy, you need to, most important I feel in the past from clients comment was that finding a good agent is the most difficult as to find an honest agent and will focus on customer needs and not their commission check. As we all know; if we serve them right, we got our fair reward.
- Sean Mallett, "Exceptional Results"
- Contributions:19
It all depends. If you are a qualified buyer, it is definitely a great time to look for deal. I just assisted a client with the purchase of a 2 bedroom penthouse in downtown Boston; because of his purchasing strength he was able to negotiate a larger discount on the price. On top of that he locked a 4%-30 yr interest rate on his mortgage, I couldn't believe it when he told me.
Please let me know if you would like to hear about some great options and programs. Best of luck!
Please let me know if you would like to hear about some great options and programs. Best of luck!
- Celeste Boglioli, "celestehomes"
- Contributions:17
hpvanc - you have a wonderful point in that one who "earns your trust" is someone who is qualified to give market advice. I have had the pleasure of working with many professional agents in many different companies who have not only earned the trust of their clients (and therefore have repeated earned business), but with their peers as well. The realt estate community is under an extremely stringent code of ethics, laws that protect the consumer (agency fiduciary responsibility), and education requirements. Of course in every profession there are exceptions, but I am still proud to be in this one. Regarding commission - that is always negotiated and never paid until the job is done - and only granted upon the satisfaction of the client. In this business if honesty & integrity is not upheld, you cannot be in business for very long - your reputation means more than the next transaction. I hope that helps.
- hpvanc
- Contributions:2579
"..... work with your local professional Realtor - who should be able to answer ALL your questions."
Where can I find a professional realtor? I thought almost all of them worked on commission, which disqualifies them as a professional. It also, unless it is someone you know well and has earned your trust, an absolute disqualification on giving market advice for the product they sell.
Where can I find a professional realtor? I thought almost all of them worked on commission, which disqualifies them as a professional. It also, unless it is someone you know well and has earned your trust, an absolute disqualification on giving market advice for the product they sell.
- Pasadenan
- Contributions:21466
Well, I hope you at least read the other comments on this thread about why a large portion of your "down payment" equity is just going to vanish.
In the meantime, you should at least look at Zillow's local info trend pages, even though they don't have sufficient information regarding Long Island (unless you are talking about one of the other 2 long islands...)
Maine Local Info
(Yes, "lack of information" means it is even easier to deceive you, just like NAR was trying to do during the bubble to the general public).
In the meantime, you should at least look at Zillow's local info trend pages, even though they don't have sufficient information regarding Long Island (unless you are talking about one of the other 2 long islands...)
Maine Local Info
(Yes, "lack of information" means it is even easier to deceive you, just like NAR was trying to do during the bubble to the general public).
- Steven Pacchiano, "NY Broker"
- Contributions:313
lol - well im not in that price range , too bad for me, but yes i am looking to buy a home as we speak in long island. Im selling my co-op in whitestone / bayside and taking advantage of the low interest rates, and trading up to a bigger place from what i currently have now. And my monthly payment will be only a few hundred dollars more.
- Pasadenan
- Contributions:21466
Well Steven, if it is such a good time for you to buy my house, how come you have not offered me $3.2 million for it yet?
I didn't buy my house this year, but I can tell you my mortgage payment is substantially LESS then renting would be, as I don't have a mortgage payment; I own outright. And I didn't buy more than 25 years ago as you implied.
So are you stating that your mortgage payment is substantially more than renting would be since you didn't buy this month?
I didn't buy my house this year, but I can tell you my mortgage payment is substantially LESS then renting would be, as I don't have a mortgage payment; I own outright. And I didn't buy more than 25 years ago as you implied.
So are you stating that your mortgage payment is substantially more than renting would be since you didn't buy this month?
- Steven Pacchiano, "NY Broker"
- Contributions:313
This is by far the best time to buy in the last 25 years. The Rates are at all time lows, and the home prices are low as well. You can pay a mortgage for just about the same as a rent would cost you.
- Pasadenan
- Contributions:21466
John should take his advice and offer me $3.2 million for my house. I've been waiting.... I have no idea why John hasn't offered yet.
- Erick Rodriguez
- Contributions:543
Study your market, if you find a house that you love go for it. Investors are taking advantage and so should you.
- Celeste Boglioli, "celestehomes"
- Contributions:17
just a final note from me before going to bed - I have clients in the AM
I DID answer what was asked - last year to this year. Sales volume up as I said.
next question - Sept. last year to Sept this year - 103 last year - 104 this year.
from June 30 (after first time buyer incentive original deadline) thru today is 350 as compared to 302 same time last year
sorry can't give you any more numbers this evening... goodnight robert
I DID answer what was asked - last year to this year. Sales volume up as I said.
next question - Sept. last year to Sept this year - 103 last year - 104 this year.
from June 30 (after first time buyer incentive original deadline) thru today is 350 as compared to 302 same time last year
sorry can't give you any more numbers this evening... goodnight robert
"all real estate is local" Really? it exists independently of macro economic trends? care to explain how all real estate fell since 2006 then? I mean if "all markets are local" how the heck did all markets fall over three years?
Sales EVERYWHERE where good through May of this year. The market made a heck of a change after May, that is when buying dropped off by 20 to 30 percent. So claiming her market has done well for the year so far means nothing at all.
regurgitating NAR nonsense doesn't make it any more senseless than it was first said... Celeste once again could post say Septembers sales, compare prices to the prior few months and to last years, THAT would be evidence, not restating her prior statements with no facts or backnig whatsoever.
Sales EVERYWHERE where good through May of this year. The market made a heck of a change after May, that is when buying dropped off by 20 to 30 percent. So claiming her market has done well for the year so far means nothing at all.
regurgitating NAR nonsense doesn't make it any more senseless than it was first said... Celeste once again could post say Septembers sales, compare prices to the prior few months and to last years, THAT would be evidence, not restating her prior statements with no facts or backnig whatsoever.
- Celeste Boglioli, "celestehomes"
- Contributions:17
yes, Michael, real estate is local - like I said in the beginning. I was actually answering someone who was interested in a part of my local market, Brewster, NY. Thanks for your input. Didn't mean to stir up anger - I understand there are people (agents & sellers) hurting.
To answer one of the questions that was asked of me - last year the volume sold to date in my area of Westchester County, NY (Jan-Oct '09) was 498, this year to day 655. Sales volume is up so far. This is direct numbers from the Westchester Putnam MLS.
Contrary to being embarrassed, I am proud to say I've kept informed, and provide knowledge & information to my clients. (I was just written up as a top Realtor in Westchester Magazine based on client satisfacation and input.) I am a professional who strives to give my clients advice on the market so they may make the best informed decisions. Each situation is different, and every market is different.
All the best to you all. And I wish you a wonderful weekend.
- Michael Emery, "MikeEmery"
- Contributions:7298
Actually if you look at the statistics for Celeste Boglioli's market, they have been having a good year - especially in million dollar homes, which seems to be a chunk of her business.
However it's best to not make blanket statements about how great a market it is (on a national website no less) when so much of America is struggling, real estate wise.
I guess we can just agree to disagree on whether it's a good time to buy.
http://www.wpar.org/library/sales_statistics
However it's best to not make blanket statements about how great a market it is (on a national website no less) when so much of America is struggling, real estate wise.
I guess we can just agree to disagree on whether it's a good time to buy.
http://www.wpar.org/library/sales_statistics
- AtlantaHomesForSale
- Contributions:40
I think it is good time to buy if you can find good deal on a home.
[link removed by moderator]
[link removed by moderator]
- Dan, "the_country_hick"
- Contributions:4699
Celeste. "Rates could not be any better and there are amazing values out there! "
I want you to answer 3 simple questions. (When people buy a house they normally buy about as much house as they can get mortgage for.)
What happens to house prices when interest rates go to 7%?
What happens to people who buy now and have to sell when interest rates are that little bit higher and they can not afford to sell?
Can you define amazing values. I assume that you mean 1998 prices plus about 30% to cover inflation since then yes?
I want you to answer 3 simple questions. (When people buy a house they normally buy about as much house as they can get mortgage for.)
What happens to house prices when interest rates go to 7%?
What happens to people who buy now and have to sell when interest rates are that little bit higher and they can not afford to sell?
Can you define amazing values. I assume that you mean 1998 prices plus about 30% to cover inflation since then yes?
Celeste:
"sales in my area have not stalled..." OK, what is the sales volume today compared to last year? Is the inventory up or down? given that the nationwide sales rate is down 20%, and inventory is up, hard to think your area is the one and only seeing an improvement.
The US lost 95,000 jobs last month. Does your local area exist independent of the US economy?
BofA and many major banks raised minimum credit scores from 620 to 640 this week. Do buyers in your area occasionally have need of loans?
TYPICAL agent... opinions without a fact in sight at all... You should be embarrassed, if you have any analysis whatsoever showing your area is doing better than the nation at large, feel free to write up the details.
Celeste: I am a mathematician who specialized at UC Berkley in mathematical economics. YOU stick to what you know, which certainly isn't market trends.
"sales in my area have not stalled..." OK, what is the sales volume today compared to last year? Is the inventory up or down? given that the nationwide sales rate is down 20%, and inventory is up, hard to think your area is the one and only seeing an improvement.
The US lost 95,000 jobs last month. Does your local area exist independent of the US economy?
BofA and many major banks raised minimum credit scores from 620 to 640 this week. Do buyers in your area occasionally have need of loans?
TYPICAL agent... opinions without a fact in sight at all... You should be embarrassed, if you have any analysis whatsoever showing your area is doing better than the nation at large, feel free to write up the details.
Celeste: I am a mathematician who specialized at UC Berkley in mathematical economics. YOU stick to what you know, which certainly isn't market trends.
- Celeste Boglioli, "celestehomes"
- Contributions:17
Robert, I appreciate your input, but I would not have an opinion about Scotsdale AZ, as this is not my market area. I'm sure you are struggling there. However, sales in my area have not stalled..... I am a top producer here - so "clueless" is not something my clients have attributed to me. Thanks anyway, but if you have a need to be an expert, I would advise sticking to the areas you know.
celeste of course is clueless. Inventory is rising, buying has stalled, credit is getting tighter, and even today, we learned that the country shed another 95,000 jobs.
Home prices are likely to keep dropping, making buying today a risky move.
By the way Celeste, agents said the same thing in 2007, 2008, and 2009 "buy now prices and rates are both down" how did that advice workout?
Home prices are likely to keep dropping, making buying today a risky move.
By the way Celeste, agents said the same thing in 2007, 2008, and 2009 "buy now prices and rates are both down" how did that advice workout?
- Celeste Boglioli, "celestehomes"
- Contributions:17
Also, seems like "Ed" is very argumentative with no answers..... work with your local professional Realtor - who should be able to answer ALL your questions. "Rhetoric" aside.....Ed he is WRONG. Any good local realtor can & will provide you with the rental numbers, taxes, insurance, etc. Don't know what his story is, and well meaning as he may be, apparently not very adept at what makes a great "buyers market".
- Celeste Boglioli, "celestehomes"
- Contributions:17
I agree with Roberta 100% - great time to buy. Rates could not be any better and there are amazing values out there! The time is NOW. And again, Roberta is so right.... choose a LOCAL realtor and make sure they represent YOU as a buyers agent.
- sunnyview
- Contributions:25139
I agree with Ed. Tell my why it's a good time to buy in Brewster now.
How do the rents compare with PITI? Is inventory up/down/flattening? How are list price vs sales prices tracking in your area? These are questions that I would like to have answered before you tell me it's a great time to buy.
How do the rents compare with PITI? Is inventory up/down/flattening? How are list price vs sales prices tracking in your area? These are questions that I would like to have answered before you tell me it's a great time to buy.
Is this a Great Time to Buy???
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