Buying a Home: Should You Do it Now or Later?

To Buy or to Wait?

If there is a more important question out there in 2014 as relates to

real estate, I don't know what it is.  We know distressed properties are down, interest rates are rising and home prices are strengthening.

Yet the question that continues to rage is "Should I buy today??"

This question implies the buy or wait dilemma.  As a home owner and a Realtor, I do not see the validity of the question.  As I tell my home owners that are listing their home to move up or move down, there isn't a better time to buy or sell real estate.

Now I won't debate that that interest rates were lower as were home prices in 2011 and 2012.  But do you want to return to a market where home sellers can't sell and home buyers were afraid to buy for fear the home prices hadn't hit bottom yet.

The fear(that all important emotion) now is that home prices have peaked and will slide.   Other than the typical markets like California and Las Vegas that climb rapidly and fall big time that have risen significantly in past 24 months, most markets, including the local Hampton Roads area has had only modest growth(4-6%).   Thus, markets like Hampton Roads are expected to is approximately 4% through 2018.

Though only the very brave would try to guess where interest rates will be in 2018, it is pretty evident that we have a better chance of moving closer to the historical average 7% rates than moving toward historically low 3.5% rates. 

In summary, with home prices and interest rates both poised to move up, would it not be the smartest financial move for you to buy a new home....even if you must sell one to make it happen??? 

I sincerely believe the answer is "YES"

Have questions about your situation, call me at 757 580-6546 or email me:  bcerny@roseandwomble.com

Buying a Home: Should You Do it Now or Later?

5 Reasons to Buy A Home Now Instead of Spring

              5 Reasons to Buy A Home Now Instead of Spring


If you clicked first and asked questions later, you already know the 5 reasons to by now.

I know it is a bit counter intuitive to buy homes when everyone else is buying Christmas gifts.  But you can't differ with the value of acting right now.

Rents are rising...thus home ownership is less expensive. Home ownership helps create family wealth, low interest rates means more wealth growth possible.  

Not acting decreases family wealth and will make home ownership more expensive due to the noted shrinking(shrunk!) inventory and the pressure on prices caused by low inventory.

All very very good reasons buy now!

What will you do???

Buy versus Rent: An Economist View

The Economist speaks!!

Economists always look at the broader economics of the market even if they are concentrating on the micro economic factors.

You will note that significantly that even with the rise in interest rates that the value remains in buying versus renting.  In fact, rates would have to rise significantly in all markets.

What is cool is he identifies markets which will have home buying vs renting cutoff at a lower rates and those markets that rates would have to be crazy to make renting cheaper.

Read and see where your market stands!


Economist Speaks on Value of Buying over Renting

YOU SNOOOOOZE...You will lose

No one ever wants to cry

 

 

 

 

So keep talking about HOME MORTGAGES

 

 

                  And

 

 

May say you are

 courtesy nutsforlife.com

 

 

Yet to not remind every one that  now is the best time to buy a home in some time, would be almost insane.

 

 

Closing questions:  Are you willing to pay hundreds more for on a 

 

                                                  home mortgage

 

                                                                            in a year or so???

 

 

OR

 

 

                             Love paying more to rent the same size of home

 

                                                 as the home you could buy

 

                                     while missing out on tax deduction???