When is the Best Time to Buy?
With real estate prices continuing to decline on a national level, when is
really the best time to buy? Do you want to sit it out for another nine to 12
months when the economic forecasts are predicting price stability will finally
occur, or do you buy now with prices still decreasing? Buying real estate is
never a simple proposition, but certainly should never be decided in a vacuum of
national statistics. Instead, base your decision upon whether to buy or not on
some of the following criteria listed below.
Your Current Needs
If you need to vacate your present living accommodations within six months or
so, then now is the time to buy: don’t wait for prices to fall until you make
that move. Or maybe you’re rental contract is due to expire and you don’t want
to sign for another year. Perhaps you have a child on the way and you need some
more living space, or you need to move into a new neighborhood for the schools.
In all these situations, it’s more important to find the right place than to
save a few thousands dollars over a 30 year time.
Follow the
Local Statistics not the National Average
Though prices might be
declining overall in the nation that might not be true for the area that you’re
interested in buying. In fact, some high-demand areas are maintaining their
current price levels or even experiencing slight price increases. Ask your
realtor about price levels in the area that you’re inquiring about. It just
might be the ideal time to buy now before prices go up. These high-demand areas
might also have limited inventory, so it might make sense to jump on a home that
you’re considering.
Think of a House as a Place to Live, not as
an Investment
Lots of people get caught up in the trap viewing a
home as an investment. Though that might be the case, the primary purpose of a
home should be a place to live, one that you’re comfortable with and meets your
needs. Any profit that you make on the place five or ten years down the line
should only be icing on the cake.
Finding homes for rent
or apartments for sale is easy on online property listing sites. These sites
have unlimited number of property listings.
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Linda Zimmerman, GRI, e-PRO, SRES |
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