Is Today A Good Time to Buy Real Estate?
February 8, 2008
I was interested in reading a posting regarding commentators who took exception to the National Association of Realtors' "It's a great time to buy" ad campaign. These commentators called the campaign self-serving and damaging to potential home buyers. Self serving is probably true. What marketers do not push their own product? But damaging to potential home buyers - in what way? The argument seemed to be that for many folks, renting would be a better choice since the credit crunch is the result of folks without sufficient resources becoming buyers when they shoud have remained renters.
I suppose the argument can go on as to whether anyone should buy their own home or be a renter, but for those who want to buy, the market is definitely favorable to a buyer. Here are some reasons why I believe this to be true.
1) There is a large selection of properties for sale with mostly highly motivated sellers.
2) Unless a property is priced drastically under the perceived market value, buyers do not have to compete with other buyers in bidding wars.
3) Sellers will consider any and all offers and be willing to enter into negotiations.
4) Sellers are increasingly agreeing to make the requested repairs.
5) Interest rates are as low as they have been in some while.
All in all, if home ownership is in your list of goals, now is a good time to consider a purchase.
I was interested in reading a posting regarding commentators who took exception to the National Association of Realtors' "It's a great time to buy" ad campaign. These commentators called the campaign self-serving and damaging to potential home buyers. Self serving is probably true. What marketers do not push their own product? But damaging to potential home buyers - in what way? The argument seemed to be that for many folks, renting would be a better choice since the credit crunch is the result of folks without sufficient resources becoming buyers when they shoud have remained renters.
I suppose the argument can go on as to whether anyone should buy their own home or be a renter, but for those who want to buy, the market is definitely favorable to a buyer. Here are some reasons why I believe this to be true.
1) There is a large selection of properties for sale with mostly highly motivated sellers.
2) Unless a property is priced drastically under the perceived market value, buyers do not have to compete with other buyers in bidding wars.
3) Sellers will consider any and all offers and be willing to enter into negotiations.
4) Sellers are increasingly agreeing to make the requested repairs.
5) Interest rates are as low as they have been in some while.
All in all, if home ownership is in your list of goals, now is a good time to consider a purchase.
posted by shirley harry at 9:17 AM
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