Time to Buy???

Is this the right time to buy a home?
  • June 27 2011 - Torrance
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Answers (23)

Profile picture for the_country_hick
  • June 27 2011
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Profile picture for nacho59

the perennial question...........

I think is a good time to buy,
but all depends on what motivates you, or your personal needs and situation.

  • June 27 2011
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Buy now or pay more later!  Rates are historically low and even if you have a home to sell, now is a great time to move!!
 You may sell for less than you had hoped, but you can usually  recover some of that on your pruchase if you have a good agent to negotiate for you.  It is just as important for the agent to be  "skilled" in helping you Buy your new home as it is for them in selling it!!

  • June 27 2011
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Why oh WHY do agents ask this perennial chestnut of a question only to have the question ANSWERED by another agent?

Years ago I worked for a now defunct electronics retailer. The sales trainer had a slogan that went 'Don't stand around talking to the other salespeople, they won't buy anything from you'.

Don't answer specious questions from other agents. They won't buy a home from you.
  • June 27 2011
  • 3Yes

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If the time to purchase is right for you- why wait?  
  • June 27 2011
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Teresa, the time to purchase for a lot of people was 2006. How did that work out for them? It is ok to think!
  • June 27 2011
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Profile picture for sunnyview
"If the time to purchase is right for you- why wait?"

Waiting makes sense if interest rates are steady, if the market is still dropping or if PITI is still out of line with fair market rent. Buyers who wait save money in any of those scenarios.

Buying a house on impulse is a bad idea. Many people who failed to research/understand their markets got caught in a bad situation because they bought the lifestyle argument instead of seeking true value in their market.
  • June 27 2011
  • 2Yes

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Is it the right time to buy all depends on what your goals are:

 - If its to flip a property for a quick profit probably not the time.
- If its to stay put or raise a family for the next 5-10 years I think now is the time.
- If its to take advantage of low prices for investment profit now is the time.
- The equation will go like this low rates higher prices higher rates lower prices. which do you want to pay for?   
  • June 27 2011
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Profile picture for nacho59
Keith,

I just have to agree with you 100 %

"Is it the right time to buy all depends on what your goals are:

 - If its to flip a property for a quick profit probably not the time.
- If its to stay put or raise a family for the next 5-10 years I think now is the time.
- If its to take advantage of low prices for investment profit now is the time
."
  • June 27 2011
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Yes, yes, yes! So long as the deal pencils out for you - the Buyer - rates and prices havent been this good in Years - if you qualify of course.
  • June 27 2011
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Profile picture for SteadyState
"rates and prices havent been this good in Years"
Sheer propaganda and completely false.
In 1996 we bought our home in Sunnyvale for 3 * median income.
Today the same home goes for 8 * median income.

How is it that prices have never been so good?

It is good time to buy and sell (for the agents) but not for the home owners!
It is a good time to sell because prices will revert to the mean 3.5 * median income.

I just wished that REA would stop providing financial advice. Most people are more than competent enough to determine for themselves or see the help of a financial professional for such decisions.
  • June 27 2011
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Profile picture for Blue in d Nile
It is the right time for Guido to buy a home.  It makes absolutely no difference to anyone if he loses $200k for absolutely nothing in the next two years.

As for anyone else buying?  Nobody I know... and certainly not to be represented by a member of NAR, not even Guido...
  • June 28 2011
  • 1Yes

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Profile picture for jal74
I hope everyone here realizes how questions asked in this manner makes every non-realtor (your customer) believe ever more firmly that real estate agents are no more than used car salesmen.

This is no more than a hard sales pitch.  I would expect that someone who holds themselves out and believes they should be treated as a "professional" would put their activity above the hard sales pitch.

Regards
  • June 28 2011
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"Time to buy" is a relative thing.  If you are not wanting to rent anymore, if you plan on staying put for a while, if you are getting a great deal, if you are moving to a particular school district for your kids (big one for me), then buying might be great for you. 

I actually bought my home just before the market crashed, and regardless of what everybody says  about it losing value (and it has) I love this home.  I love the neighborhood, the school district, etc.  and I have no regrets about buying it.

If you are buying a home for all of the right reasons, then you will be happy with the purchase.

  • June 28 2011
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Jal74

If I could give you multiple 'thumbs up' I would for your insightful comment.
  • June 28 2011
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Profile picture for nacho59
  • June 28 2011
  • 0Yes

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So many answers and so many ways to reply. Buying anything with ones own money or perhaps ones own credit is a personal decision. In the end, none of us have crystal balls, some people act like they do. If now isn't the time to buy, then maybe yesterday was or tomorrow will be. Best of luck with you very open ended question. Have a BEAUTIFUL day. -Shawn 
  • June 28 2011
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Wow, I didn't really expect that many repsonses. I don't know about your specific market areas but in th South Bay it looks like things are picking up. We've been through tough times before. In 1995 everybody thought the world was coming to an end and the ones who bought during that time made a lot of dough. A wise man once said: Buy when people are scared and sell when they are comfortable. You figure it out. I think that man is one of the wealthiest men alive Warren Buffet!
  • June 28 2011
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Profile picture for sunnyview
Maybe, but Warren Buffet would have sold his South Bay portfolio in 2005 or 2006 when he saw the that fundamentals didn't make sense moving forward. Stocks like real estate should be judged on their value and investors who understand that do well.
  • June 28 2011
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Profile picture for Blue in d Nile
"We've been through tough times before. In 1995 everybody thought the world was coming to an end"  -

Now, just because Harold Camping told you that the world was coming to an end, does it mean you were really gullible enough to believe it?

Tough times??????  What "tough times"?  The only "tough times" was between 2002 and 2005 when members of NAR were outright robbing from the people, the Federal Government, and 30 other major nations of the world.  Or, if you really want to talk about "tough times", consider the U.S murdering 300,000 Japanese and 3,000 U.S. citizens in 1945 with the dropping of two very small "weapons of mass destruction" bombs, or the murder that the National Socialist Germany Worker's Party did to millions of Jewish German citizens.

It still doesn't justify over-spending for any purchase in spite of the NAR propaganda.
  • June 28 2011
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It's an excellent time to buy.  Prices of homes are down and interest rates are at record lows.
  • June 28 2011
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Profile picture for Dunes....
  • June 28 2011
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Profile picture for the_country_hick
Beverly, take a little time to learn about the real foreclosure situation in your area. Prices will fall more. Also, when interest rates go from 5% to 7% buying power will drop by 23.7%. That means the 5% $200k mortgage payment shrinks to a 7% $153k mortgage payment with the wallet feeling the same amount of withdrawal. That alone will cause house prices to fall when rates increase.
  • June 28 2011
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