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Answers (20)
- wetdawgs
- Contributions:26854
@ Mike: You write " If you would have written this in 2008...."
The person wrote the original post Dec 2008, hence my comment "2008 was a good year". For future reference, the posting date is just below the text.
By the way, having a phone number as part of your screen name is in violation of the Good Neighbor Policy.
The person wrote the original post Dec 2008, hence my comment "2008 was a good year". For future reference, the posting date is just below the text.
By the way, having a phone number as part of your screen name is in violation of the Good Neighbor Policy.
- Mike & Jim Conway Team, "ConwayRRG"
- Contributions:69
I tend to be a realist when it comes to the housing market, unlike many of my counterparts. Yes, now is a GREAT time to buy. It is a uniquely good time to buy a home if you are using a mortgage because both interest rates and values are at historic lows. I am not familiar with your local market in Gwynns Island, Virginia, but in many areas (Florida, for example) property values have not finished dropping. If you would have written this in 2008, and heeded the advice of agents telling you that it was a perfect time to buy, then you would have seen both interest rates and property values fall even further.
There is such a high volume of both current and upcoming bank owned homes that I firmly believe that you will see property values nationwide continue to drop until at least 2013. After which, I believe there will be stagnant growth for the years following that. Conversely, you might see home values to continue to decline, but interest rates rise.
With this being said, there are two things that no person in the world can predict with 100% certainty: 1) When a market is truly at its absolute bottom, and 2) When a market is at its absolute best.
That is just my humble opinion.
There is such a high volume of both current and upcoming bank owned homes that I firmly believe that you will see property values nationwide continue to drop until at least 2013. After which, I believe there will be stagnant growth for the years following that. Conversely, you might see home values to continue to decline, but interest rates rise.
With this being said, there are two things that no person in the world can predict with 100% certainty: 1) When a market is truly at its absolute bottom, and 2) When a market is at its absolute best.
That is just my humble opinion.
- wetdawgs
- Contributions:26854
2008 was a great year! I wonder if this person is looking for an agent 3 years later? Slickpoetry had the most timely and most accurate response.
- Vanessa Rojas, "VanessaRojas1"
- Contributions:56
Now is the time to buy anywhere because interest rates are really low and home values are really low. We are in a buyer's market, so now is the time to buy a beach property. Contact me if you are interested in buying here in California, you won't be dissapointed.
- Cristopher Crozier, "Criss Crozier"
- Contributions:63
I believe it is!
- Helen Edwards, "Helen Edwards"
- Contributions:478
Gwynn's Island, Mathews!!!! Best kept secret in Virginia....Anytime is a good time to buy property here. I grew up riding horses on its beaches. The girls had horses and the boys had boats...hasn't much changed, only the coastal cabins have improved. Still NO Stoplights in the Whole County!
Call me I'm here in Deltaville...small town (not even a town) where Capt.John Smith and Pocahontas played...still no stoplights here only 15 marinas bringing folks from the world harboring in and living the life wanting only to have a small piece of our land....Yes, good time to buy.
Call me I'm here in Deltaville...small town (not even a town) where Capt.John Smith and Pocahontas played...still no stoplights here only 15 marinas bringing folks from the world harboring in and living the life wanting only to have a small piece of our land....Yes, good time to buy.
- Pasadenan
- Contributions:21466
They must put their name out there so that their potential clients will know it takes 2 years for them to respond to an inquiry about their listing? Or so that they know it will take them 2 years to respond back with any properties that meet a buyer's search criterion?
With an average of 600 new threads per day, you would think they would find something more appropriate to answer if it was just a matter of people seeing their name...
Of course, they could be trying to earn their "local expert badge" for Richmond Virginia, and couldn't find anything else to post to.
With an average of 600 new threads per day, you would think they would find something more appropriate to answer if it was just a matter of people seeing their name...
Of course, they could be trying to earn their "local expert badge" for Richmond Virginia, and couldn't find anything else to post to.
- James Ryan, "GreatRateFolks"
- Contributions:1038
^5's Pasadenan. Right? No conscience, must put name out there.
- Pasadenan
- Contributions:21466
Over 2 years to get a response to a simple question?
Is that the type of response time that your typical clients can usually expect?
So how did that buying work out for your clients in 2008?
How about the ones that bought in 2005?
And what is different about the market now?
And is your "comparable study" going to include an historical study?
And if the inventory is presently high, why won't that continue to drive down the prices, which would mean it is "not a good time to buy" but a "better time to wait"?
Is that the type of response time that your typical clients can usually expect?
So how did that buying work out for your clients in 2008?
How about the ones that bought in 2005?
And what is different about the market now?
And is your "comparable study" going to include an historical study?
And if the inventory is presently high, why won't that continue to drive down the prices, which would mean it is "not a good time to buy" but a "better time to wait"?
- Landon Kail, "landonkail"
- Contributions:20
For a buyer, the beach season is always the best time to purchase a beach property due to lower prices. The lower prices are brought about by more inventory / competition. If you then want to sell, wait until the off-season months as that is sometimes when you get more for your property due to less competition.
- S.Florida Realtor
- Contributions:9
It is almost always a good idea to buy beach property. Beach properties are limited and will keep their value a lot better than any other type of property. It's important to do a comparable study to make sure you are not overpaying. Good luck!
- Jeff Thomas, "MortgagesInVirginia"
- Contributions:118
Great time to buy if you plan on being in the property for a while.
- James Ryan, "GreatRateFolks"
- Contributions:1038
I stumbled across this thread, and was struck by both the enthusiasm of some respondents tempered by the tongue in cheek respondents. Of course, your question is more rhetorical than not, and there is no easy answer. There are cold facts to address, not to mention items not easily mentioned in dollars and cents. I will take a shot at both. It seems to me, interest rates are artificially depressed right now, so that makes it a good time to buy. Secondly, many destination properties have been hit hard with declining values, so you can save on pricing. This benefit may be offset however, if the values continue to decline...and how much farther? Third, if you are working with a resort realtor that also is a rental company, perhaps they have rented the house previously. In many beach rental situations, folks come back year after year. Obviously, if you choose the right property, that continues to stay rented year after year, you may not even have to factor in a modest continued decline in value. In other words, if the rentals cover your mortgage investment, no worries. (YES, I know that is a big IF).
Now, to the intangibles I alluded to above. I assume you and your family already are beach people. I think it is quite reasonable to factor in your previous vacation spending as savings against the cost of ownership as well. You will now have your "own" place to stay. Not to mention many folks I know with properties at the beach seem to enjoy the "off season" times almost as much as the July 4th Weekend. We used to have Thanksgiving and Christmas at our family's beach house as a kid, and I mean we had as many as 50 extended family members for the dinners at a time...some of my favourite childhood memories. How can you put a value on that type of family time?
I think buying at any time is risky. Perhaps buying now is riskier than some other time, but the keys is, as someone already pointed out to you, we just do not know. The cost benefit analysis is a start, and I think you have some real benefits to both buying now, as well as some potential intangible benefits that are difficult to quantify. I think if you can get a long enough time horizon, and you have good rental income, this is a great time to buy at the beach. However, remember Lord Keynes' admonition to long time horizons, "In the long run, we are all dead."
Hope that helps! Jim
Now, to the intangibles I alluded to above. I assume you and your family already are beach people. I think it is quite reasonable to factor in your previous vacation spending as savings against the cost of ownership as well. You will now have your "own" place to stay. Not to mention many folks I know with properties at the beach seem to enjoy the "off season" times almost as much as the July 4th Weekend. We used to have Thanksgiving and Christmas at our family's beach house as a kid, and I mean we had as many as 50 extended family members for the dinners at a time...some of my favourite childhood memories. How can you put a value on that type of family time?
I think buying at any time is risky. Perhaps buying now is riskier than some other time, but the keys is, as someone already pointed out to you, we just do not know. The cost benefit analysis is a start, and I think you have some real benefits to both buying now, as well as some potential intangible benefits that are difficult to quantify. I think if you can get a long enough time horizon, and you have good rental income, this is a great time to buy at the beach. However, remember Lord Keynes' admonition to long time horizons, "In the long run, we are all dead."
Hope that helps! Jim
- Daniela Joseph, "Daniela Joseph"
- Contributions:86
To Slick properties comment.....the prices might be cheaper but the interest rates are not meant to stay this low.......I think it is a great time to purchase real estate general.
- FriendshipProperties
- Contributions:783
Why would it be any different than non-beach property? Unless you think the melting of the global ice caps will put you under water in the foreseeable future. :P
- interested_observer
- Contributions:517
"YES now is an excellent time to buy beach and resort property/homes."
I guess it's hard to argue with such a well thought out, fact supported position. Just out of curiosity, has there ever been a time you thought it wasn't an excellent time to buy?
I guess it's hard to argue with such a well thought out, fact supported position. Just out of curiosity, has there ever been a time you thought it wasn't an excellent time to buy?
- JT Kaelin, "HouseJT"
- Contributions:28
YES now is an excellent time to buy beach and resort property/homes.
- interested_observer
- Contributions:517
"(if you are going to hold the property for at least 5 years you will "get back" and further depreciation with appreciation)"
How in the world do you know that prices will be higher five years from now? In my opinion they'll be significantly lower. While you're at it, can you let me know what the DJIA will be at on December 19, 2013? Are you planning to compensate your customers if your prediction turns out to be incorrect.
How in the world do you know that prices will be higher five years from now? In my opinion they'll be significantly lower. While you're at it, can you let me know what the DJIA will be at on December 19, 2013? Are you planning to compensate your customers if your prediction turns out to be incorrect.
- Brian Simantel, "SuperbMortgage"
- Contributions:57
This is a cost benefit analysis decision (like most decisions). Beach front property is a limited commodity, unless you are in Dubai, you can not create more coast line... So the good news is there is a limited supply.
Some people are predicting home prices are near bottom, others predict there are going to be greater declines. The true question can be answered with other questions:
1) How long do you plan to own this property?
(if you are going to hold the property for at least 5 years you will "get back" and further depreciation with appreciation)
2) Is it for personal pleasure or an investment?
(tax saving are always something to take into consideration)
3) interest rates are LOW, will they be this low in the future?
(waiting for a lower price but receiving a higher rate might cancel out the savings)
I would keep my eyes out for a good deal and jump on it, rates are so low right now it will offset any further depreciation over the long run...
- SlickPoetry
- Contributions:294
now is not really a good time to buy anything. Any property you buy will very likely be cheaper this time next year, so why not wait?
is now a good time to buy beach property?
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