Is Now the Time to Buy Real Estate?
Conventional wisdom of late is that we have finally reached the bottom in the real estate market. (Click the link to read the 10 Reasons we are at the bottom in real estate). So, is it time to jump in and lock in deal of a lifetime? Ask yourself these tough questions before leaping in.
- Avoid Buyer’s Remorse. Before buying, carefully consider the exact prices and sales terms for units which have actually sold and closed within the last 60-90 days to avoid overpaying. The “comps” you use should also be exactly the same type of property, with the same ammenities, as the one being considered. For example, building should be of the same age, condition, location and ammenities.
- How Secure is Your Life? Is your job, income, retirement and investment portfolio secure? If not, wait until it is.
- How long do you plan to stay? If you only plan to live in the home for 3-5 years, you should probably rent. The market has reached the bottom, but that only means price stabilization. No one is expecting home appreciation anytime soon.
- Can you get the money? A lot of people wrongly assume they can get a loan based upon their memories of lending practices in the past. Times have changed. In addition to requiring higher credit scores and more stable job history, many loans that required 10-20 percent down, now require downpayments in the range of 30 percent to 50 percent. Talk to the bank before you talk to an agent.
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