Is this the best time to buy a home ?

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  • January 27 2011 - New Springville
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Answers (47)

Profile picture for dacolan
It seems doubtful this is the best time to buy a house as values have been dropping in almost every major metro market according to the S&P Case-Shiller Index
  • January 27 2011
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I certainly think that it can be!  All real estate is local, so obviously some areas have some super deals on homes right now.  With rates still available below 5% and sellers giving concessions now like crazy.  I think itif buying is a consideration, now is a great time!  No one has a crystal ball to know for sure if prices will keep declinging in your area, but if you see a great deal on real estate....I saw investigate further and weigh the options of buying now!
  • January 27 2011
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Profile picture for JSBSells

Is this the best time…. No time better for purchasing a home most would consider out of their price range two years ago. In Atlanta suburbs the market has come back to the point of multiple offers on many foreclosure properties. My buyers understand this is a worst case scenario since they are now in a blind auction. The real question is can you afford to sit on the sidelines any longer? Find a couple homes that meet your requirements and start taking advantage of the "buyers market", it wont last forever.

  • January 27 2011
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Profile picture for mitchrealestate
That's the million dollar question.

No one knows where we're going. One thing is for sure.. The market has been almost the same for about 4 years now. I'd say if the timing is right for you, go ahead and buy. We are seeing great prices and interest rates are at an all time low! By the way.. it's expected that the interest rates will climb quite a bit in 2011.
  • January 27 2011
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Profile picture for the_country_hick
Not at all. Prices are still out of line with incomes and historical norms.
We still have an estimated 10 million foreclosures to come. We have high unemployment and tighter lending standards. That means less people can borrow money.

Peter Schiff: Here's Why Home Prices Have To Decline At Least 20% And Probably More

If you do not like his idea how about the federal reserve?
The Fallacy of a Pain-Free Path to a Healthy Housing Market - Economic Letter, December 2010 - FRB Dallas

Low interest rates hurt house buyers. We need higher interest rates soon.
Why High Interest Rates Are Good for the Future of the Housing Market and for Those Buying Houses by Matthew Sercely

Look at the charts below. This is what we are facing.
Do you know what the housing bubble really looks like? ... - Zillow Real Estate Advice

  • January 27 2011
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Profile picture for dacolan
"The real question is can you afford to sit on the sidelines any longer?"

The Atlanta metro area market had one of the most significant price declines based on the most recent S&P Case-Shiller Index.
  • January 27 2011
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Profile picture for the_country_hick
Jeff, If you knew the real story about Atlanta you would know about the massive shadow inventory. That means houses the banks have in foreclosure but not put out for sale yet. You have not seen anything yet compared to what is coming.
  • January 27 2011
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Profile picture for ColleenPye
Yes..it is a great time to buy a home. Interest rates are still low. Also a great time to sell. I have received several multiple offers this week alone. In the Houston metro market….there is not enough GOOD STUFF out there. If your house is ready, and dressed right, it can sell in under 30 days.
  • January 27 2011
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Profile picture for sunnyview
I think the answer to that depends where you live and on what kind of buy you can get.
  • January 27 2011
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The best time to buy depends more on your personal financial situation and your ability to purchase based on all the data banks are looking at such as credit score, income and so forth..
  • January 27 2011
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I believe it is the best time to buy, but I also believe that it'll continue to be the best time to buy for a while.  Whether someone is planning on buying now, in the summer, or at the beginning of next year, it'll still be a great time to buy. 
  • January 27 2011
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Profile picture for dacolan
"The best time to buy depends more on your personal financial situation and your ability to purchase"

So, whether or not house prices are supported by economic fundamentals of affordability such as price-to-rent and price-to-income ratios are secondary?
  • January 27 2011
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It all depends on your personal situation.  Interest rates are low and prices are lower than they have been the past few years, but your wants and needs will determine if it is the right decision for you.  It is also harder to get financing now than it was a few years ago.  If you are thinking of moving again in the next couple of years and selling what you buy now, it may not be the best decision, since prices aren't climbing very quickly (if at all) and a commission will be deducted from the sale proceeds.  On the other hand, if you are planning to settle in somewhere for a while and find a house that works great for you, it could be a great time to buy.
  • January 27 2011
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Profile picture for blue screen exile
The best time to buy was either 1999 or 2000.  The best time to sell was between 2005 and 2007.

For those waiting for another buying opportunity like that, they have a long time to wait.

But don't worry, those Realtors® are happy to take a commission no matter how over-priced the property is, and no matter how much equity the buyer will lose in the next two years.  Those "expert agents" are not at all responsible nor liable for others' losses.  Remember, the agent tells you it is the buyer that needs to do the "due diligence", not the agent.  The Realtors'® errors and omissions insurance will do nothing to assist the buyer that loses money and becomes upside-down on their home.  To the contrary, the agents will just try to represent the Banks to sell the property again to collect another commission.
  • January 27 2011
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With interest rates at historic lows, and "most" sellers more than willing to listen. Plus the fact that there is an abundance of properties to choose from you pretty much have the perfect buying atmosphere
  • January 27 2011
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funny thing, marco: agents said the same thing last year and the year before...

with foreclosures ramping up again, and no real job creation, I'm going to bet you're mostly wrong, just like agents have consistantly been wrong about this for the past 4 years...
  • January 27 2011
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It depends on who you are and what you are looking to buy.
Financing requirements and the type of property will dictate
your answer. What the market was last year and the year
before were different and this year will be different too. However,
if you approach it with the right checklist, advisers to give input
on the market and the areas of opportunity (some areas are
experiencing sell offs, some more bank sales and others are not)
and keep a good balance of emotions and living within your comfort
zone then there are deals. Every day people are buying homes and
making money. What the past few years teaching us all YOU are
more prepared than ever before to make sure you get a great deal.

  • January 27 2011
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Profile picture for the_country_hick
With real estate agents selling commission free and banks giving out zero interest loans without qualifying anyone it is a great time to buy!!!

With interest rates at historic lows, and "most" sellers more than willing to listen.

WHAT!!! None of that is happening? Forget the whole thing. The time is not yet right to buy. At some remax agencies you even get charged a few hundred dollars as a buyer. What more do you want to say no to buying now?
  • January 27 2011
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No one can say for sure this is the BEST time to buy, but when you consider today's low interest rate combined with favorable home prices you can definitely make the argument that this is a great time to buy! Best of luck.
  • January 27 2011
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Profile picture for Teri Arbogast
I think this is a terrific time to buy a home.  Interest rates are still low and inventory is good. I see the availability of the "nicer" homes leveling off...so I think...NOW is the time!
  • January 28 2011
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Hello,

I believe it is.  You have markets where the prices have dropped with a huge supply of inventory.  Mortgage Rates are low.  It is a Buyer's market with low interest rates.  If you can, I would.  In three to five years you don't want to say I wish I would have and have regrets.....find a good REALTOR in your area and educate yourself---look at the property appraiser's sites for your county, if you find a home have your realtor do a CMA for you on what they would list and sell it for.  Do yourself a favor if you are getting a mortgage, go now and talk to your banker to see what your interest rate will be and how much spending power you have.

Hope this helps you.


Pam
  • January 28 2011
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Profile picture for hpvanc
Ask yourself this.  Can you or do you want to afford the margin call if the market drops and you need or want to sell?

We are in a deflationary or stagnate economy (could change), housing prices tracked with inflation, until circa 2000.  Prices are still in the process of correcting to the historical norm.  So unless you are sure that the Fed will get inflation started and wages will grow with it, now is a time for caution.
  • January 28 2011
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Profile picture for dacolan
"It is difficult to get a [person] to understand something when [their income] depends upon [them] not understanding it."
- Upton Sinclair
  • January 28 2011
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Profile picture for SteadyState
Let's sing together
Kumbaya my NAR
Kumbaya
Interest rates are low
Prices are low
A home you must buy
Or you are low.
  • January 28 2011
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It woul ddepend a few factors;  where do you live?  How is the area you want to buy in performing?  Interest rates are low, so how low of a rate can you get today versus a later date?  What does your accountant say?  Best of luck
  • January 29 2011
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Well that depends... will I get paid if you do?
  • January 29 2011
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Profile picture for amymorganhomes
If  you have a good down payment and can be patient, it is definitly the best time, also a good time to trade up...You actually save more money in the long run....Sad to say if you are trading down, that is where you will lose the most 
  • February 01 2011
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We just experienced an upswing in the Main Line Real Estate Area Market. Real Estate in the Lower Merion, Haverford and Radnor areas look promising for the rest of the year.
  • May 04 2011
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Profile picture for blue screen exile
"looks promising"?

Who is "promising" what?

Is that based on data that you can present in a chart where you can reference your sources, or based on "wishful thinking"?

What "looks promising"?  Are you personally buying something this year?  What and where, for how much?

Or are you personally selling your house this year?  For how much?

Or are you referring to it being "promising" that you will be able to collect some commissions?  Of course there will be lots of commissions this year!  Over a million foreclosures have to be liquidated this year alone!

And isn't that what GE said about Nuclear Fusion electric power at the 1963 World's Fair?  And haven't people been "promising" Nuclear Fusion almost every year since, and still no possibility of that any time in the near future?

Best time to buy?  Of course it is the Best time for a Realtor® that states it is the Best time to buy, to buy my house for 10 times the present market value! 
  • May 04 2011
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Don't know about Nuclear Fusion but in the Main Line Real Estate Market my neighbors ask for market conditions and this thread is getting opinions from those across the country about whether its a good time to buy or not.
 In January I posted here and yesterday was giving an update that the market is improving. Area residents and agents nationally appreciate hearing an honest perspective.
To insinuate I am lying or we as a group lie to get business is an unfortunate perspective to carry in your posts but I can understand if someone treated you poorly in years past.
On behalf of all the honest and ethical real estate agents here I apologize that someone didn't serve you like they should have.
Getting back to the spirit of this thread.Posting how we all perceive our markets gives hope to all concerned that things are getting better.
 I like to read that other markets are getting better like I have.
In our area financing is at a 40 yr low, Pricing is favorable to both buyers and sellers (you can contact me directly so I can explain this to you rather than post "how can that be good for BOTH?"). This years availability compared to last years is better.
 I can show charts about the area overall as well as the individual areas of Main Line, PA real estate. I hope this clarifies things and the spirit of this thread is kept for all wanting to comment about their market and if its a good time to buy.

  • May 05 2011
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