It’s a common condition in today’s housing market. Buyers seem to be glued to the procrastinators fence and they let opportunities pass them by in the fear that prices will continue to decline. The 2008 “Summer of Opportunity” is passing them by. Buyers wait for the market to hit bottom and then “lo and behold”, all of a sudden, it’s behind them. It has passed them by.
The lowest or “near” lowest prices are on us now. Young people, renters, divorced people, transferees, and investors need to buy properties for their financial futures. This is the optimum time to jump into the market. Foreclosures and short sales present an opportunity to buy at below market prices. We have not had this opportunity since 1996, another low point in prices.
Paying rent is like throwing money away. It is better to buy because you will get a tax write-off, use of the property, and equity build-up over time. Investors also can benefit because after the initial down payment the renter will pay a majority of the cost of the investment. Remember it is wise to think “long” term on these investments. Prices are cyclical. The market goes down and then it goes up. A home, chosen wisely, is the best single investment anyone can make.
Lower interest rates and lower prices have increased the affordability with the typical California household by about 30%. Sellers and their real estate agents finally “get it” and are listing properties at lower prices so they sell in a shorter time period. Reality has hit and the buyers now will be the benificiaries of this current pricing.
If you are interested in buying a home, call your realtor and lender and see how the current market will evaluate you as a buyer since the lending guidlines and prices are different. Then, if the numbers are right, go ahead and be a “Lookey Lou” but don’t stop there. Get off the procrastinators fence and buy something! Believe me, you will be glad you did!
For further information, please call Dody Rogers, Re/Max of Santa Clarita, 661 702-4515 X 5012.