One of the questions I hear most frequently as a REALTOR is: “Is now a good time for a renter to buy a home?”
An answer I hear experts say is, “It could be.” The facts are that this market is producing the lowest housing prices we’ve seen in the last two years. And the truth is, no one knows if the market will dip further.
However, when I am asked that question, my answer is, “Don’t let the market determine your decision, let the inventory determine it.”
Tell me what you want, and I’ll see if it is available in the price range that works with your budget. If you are planning to stay in your home for the next ten years, then buying now is a good idea.
And this is why: Interest rates are quite low. Prices are quite low. And inventory is high. Also, let’s not forget all the incentives that are available to a buyer. I’m not just talking about the extended tax credit, but also the tax advantages of owning. When compared to renting, this market can beat your expenses hands down.
One follow up question is, “But what if I have to move in a year?” My answer, if the market drops again, then be prepared to become a landlord renting out your home, and become a renter in your next destination. In other words, if you’re house won’t sell, then be prepared to rent it out. The rental market is strong when buying is down.
Now is a great time to buy, when considering what you want and the money it costs to get it.
Email me at amyplaton@hotmail.com if you would like to discuss your needs, and to shop the inventory available now.
