I have many clients ask me: “Is now a good time to buy real estate?” Here’s a recap of what we have experienced:
1. Many clients have bought homes over the past months because home prices are lower today than they were 1-2 years ago…and interest rates continue to be low.
2. We also have many clients that believe that home prices will continue to fall over the months ahead…and have elected to hold off buying a home until they feel prices have bottomed.
Thus, to recap: “Is now a good time to buy?” The answer will be different for everyone depending on their individual situation. Ask yourself:
A. Do you want to buy now (soon) while interest rates are still reasonably low, though home prices may not have bottomed?, or…
B. Do you wait to see if home prices continue to decline, though take the risk that mortgage interest rates will rise, possibly making your overall mortgage payment higher if you wait to buy, versus buying now.
I suggest that every potential home buyer (1) gather info regarding the economy, (2) make a written list of their specific goals and time frames, (3) make a list of pros & cons, and then, (4) make a decision to buy a home soon, or wait, based on their comfort level. More questions about real estate or mortgages? Contact me anytime.
Be well and God Bless.
Benjamin J. Benton, Broker
Benton Real Estate Company, Inc.
