Realty Bites

If you’ve been paying attention, you already know my answer: it depends.

Prices are certainly lower than they were two years ago. In some cases, a lot lower. But that old adage still applies: Just because something has fallen in price doesn’t mean it’s cheap. In fact, I believe we have a long way to go before hitting bottom. It may take years for prices to recover. Whether you should buy depends on the answers to quite a few questions, including: 

• Are you upgrading from a less expensive home? If so, the longer you wait as prices fall, the more you’ll save on the house you buy than you’ll lose on the house you sell.
• Are you downsizing? Then the reverse is true. You’ll lose more on the house you sell than you’ll save on the house you buy. Take action as quickly as possible.
• Will you kick yourself if you miss the next real estate boom?
• Can you imagine yourself renting for a few years? (Hint: it’s what I decided to do when the market peaked.)
• Are you honestly willing to pay a fair market price for your home, or do you demand a bargain?
• Do you have a choice? Or is your employer/spouse/school the real decider-in-chief?

The truth is, buying a home isn’t the right choice for everyone. A good Realtor® will tell you when it isn’t. That’s a sure sign he cares more about helping you in the long term than about making sales in the near term, don’t you think?