According to a recent article in Yahoo! Finance, yes, it is a good time to buy real estate. The article, written by Jay MacDonald, looked at five different goods and posed the question, should you buy today or wait for greater savings?
MacDonald reminds us of Economics 101 “ supply versus demand. Everyone knows that the economy is down and people are holding onto their moneyhence, theres a surplus of homes on the market.
This buyers market however, can quickly change, once your neighbors decide to spend instead of save. I dont believe well hit the bottom and suddenly see a huge rise in home values, but I do believe that todays buyers are going to do better than those who wait(generally speaking).
The article basically states that now is the time to buy. Since everyones on the fence about buying, sellers have very little leverage. And once people hear that things are better, its going to be too late. Ive said this over and over, but I thought you might like to hear it from someone else.
But as I tell all my clients, if youre thinking you may have to sell in the next five years, dont buy. Also, you want to make sure you have a steady job and have plenty of cash saved up. You want to push your limits, but not over extend yourself.
If you have any questions, please feel free to contact me anytime. Denny Oh 858“243“2092 [email protected]
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