This Rentlaw.com article discusses
if "today" is the right time to buy a home.
a real estate agent, everywhere I go people ask
if they should buy "today". While I
specialize in commercial real estate, I enjoy
selling anything. Homes are fine. Are you
renting today, buying for an investment, looking
to "stop throwing money away".
you buy, know your goals. Are you the type that
likes to move around or are you somewhat stable. The more you move, the more
your related financing and moving costs are.
In today's market,
with the exception, it may be beneficial financially to
vs. BUY. IF you are inclined to become
a homeowner today, I suggest you do your research. How?
by identifying the areas you or you and your family could consider
living in. Get out a piece of paper and start taking notes on the
areas. Bring a video or still camera and take pictures of what you like
and don't like. Contact SEVERAL real estate agents in the area you are
considering and give them your criteria - BE FLEXIBLE. While many of us
like the idea of "move-in-condition", consider you can paint,
sand floors or change a kitchen or bathroom. You just might save some
money and have a bargaining edge, especially in markets where may units
are on the market.
people I know to find FIVE houses you like in an area, identify the
strengths and weaknesses then begin making your offers. Your agent may
not want you to, but do it. If you don't fall in love with house A, B,
C, D - then you have the upper hand in buying "right" if there
is such a thing.
overbuilt communities or condo developments - you may find units the
developer HAS to sell, what a homeowner has to sell, or an investor HAS
to sell. Try to find out who is selling and for what reason. In the new
"standard" communities where every house is the same - find
out every house available or the MIGHT BECOME available.
RENTING - you may want
to continue RENTING
vs. BUYING for all the same reasons. Many developers,
investors or homeowners are "stuck" with their properties and
are not willing to take a loss (actual or perceived) at this time. In
many instances, it may be cheaper to RENT. The rent you pay them may
cover their mortgages, taxes and insurance, which is more then what you
are going to pay in rent.
The following from our
Home Buying Guide