To Buy or not to Buy?

By
Real Estate Agent with Allison James Estates & Homes

Are we there yet? Meaning have we hit bottom yet?

Let me find that crystal ball I never bought. Maybe! Would you like to really know? We need a Time Machine to know for sure. Maybe we are asking an incorrect question. There is no pat answer for everywhere. Some parts of the country have prices representing some year in the 1990's and others in the 2000's. We live in Arizona in a city named Sierra Vista. This is next to Fort Huachuca and near Tombstone. An out-of-town buyer wanted to buy a regular home for a certain price in my neck of the woods (desert). He informed me that he could buy the same house for half the price in the Phoenix area. Even one state has many LOCATIONS, which is a big real estate mantra.

Back to the original question we need to change:  Should my family buy a house now? The real answer is why not? If you are planning on staying there awhile it seems like a good idea. Rents have declined too; but rents have always increased over time. MORTGAGE RATES ARE AT AN ALL TIME LOW IN MY LIFE TIME. Who's money is it anyway? The benefits of home ownership are there if you want them. It's still your decision.

Keep smilin'

Sunny in Sierra Vista AZ

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Ambassador
411,313
Susan Goulding
Crown Key Realty, Tracy & Mountain House Real Estate - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

You're exactly right - why not.

 

I had an investor tell me "I'm looking for a great deal"  I told him "Compared to 4 years ago EVERYTHING is a Good deal."  Fortunately he laughed at my very flip comment

Jan 28, 2011 12:46 PM #1
Rainmaker
581,880
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Brian, I have been using the Time Machine/Crystal ball line for YEARS! No one knows where prices will be or interest rates will be tomorrow, let alone a year from now. Reality is: If you need a HOME, and plan on staying for the long run, then it is better than renting.  If you think you will move in a year, you might be better off renting than buying. Even in a normal market with minimal appreciation over a 1yr period it is hard to justify buying for the very short run.

Jan 28, 2011 12:48 PM #2
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Rainer
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Brian Schulte

SFR, Sierra Vista, AZ
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