“Right now may actually be one of the best times to buy a home” National Association of Realtors 2006 Marketing Campaign
As it turned out when that statement was made, it was probably the worst time to buy a home.
Promoting home ownership as a primary real estate marketing ploy is a mistake that the National Association of Realtors (NAR) and its REALTOR members often make because:
-they run the risk of giving bad advice – it can’t always be a good time to buy a home*; and
-it sounds more like “now is one of the best times for us to make commissions”.
I understand the logic. If more people would buy homes, there would be more work for Realtors.
Imagine, however, if the American Bar Association were to run ads blaring:...
...And now IS the best time (SINCE 2007) to sell your home in terms of the available inventory, which is very low in some cases. Also, bc of the rise in rates, buyers have started jumping in somewhat so they won't have a higher payment. Btw, nar stands for non active realtors bc thats what most are...however, if you think the sghtf anytime in the near future then just rent.
i tell you this, if one is thinking of buying and they hesitate bc of uncertainty and the s doesnt htf...then they and you will wish they had bought. Hell, you can buy for less than renting. How many of us have lost out on the current rise of equities the last couple of years bc of fear...the current re environment has some momentum and you bess hope it continues to grow for the sake of the economy. There are opportunities in every up and down we go through. iwill say though, the market in my area is very spotty with some areas having sales up 40% this year as well as some even to down, so talking to someone who knows the market is wise...zillow, trulia and homes.com arent the experts...thats for sure...your take? vb
rent vs buy affordability. It's good to own your own home but not at ANY price.
The decision should be made on a financial basis not on hype
Been considering the same thing. However been reading some news about the elimination of FANNIE and FREDDIE and the subsequent demise of the 30 year loan and the elimination of the interest deduction.
I do not believe Europe has 30 year loans.
Without the 30 year, prices would have to come down (just as suckers are getting in on the "bottom"?) and why buy with rising rates, no incentive with the interest write off and further declining prices? Now that all the hedgies and inside $$$ has bought up the inventory for rental, they now have reforms coming which will de-incentivize ownership and push rentals.
maybe I am over thinking this - any counter points out there ?
I'm looking at selling my house and my sense is that there are a lot of buyers out there motivated by the prospect of interest rates going up soon and the sense that prices will also rise as the economy "recovers". If you believe these two things, this is a great time to buy. I plan to take advantage of this conventional wisdom in selling my house.
After watching the 2008-2009 downturn, I know which neighborhoods can hold up under even the most intense pressure, and that's where I intend to buy. I don't know what is going on nationwide, but here in the greater Denver area prices are steadily going up, and there isn't a ton of stuff on the market. In my development of 360 homes, there is only one on the market presently.
Do I think it will last? Not really. There will most likely be another panic and market capitulation. The problem is that the neighborhoods that would be negatively impacted by such a development aren't places I'd want to buy, so even someone like me, who is somewhat negative on housing in the medium term, still thinks it's a good time to buy (in solid neighborhoods). If you're bargain hunting in volatile ones, I'd wait a couple of years, the next downturn could make the last one look like a rounding error in comparison.