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Mike Harutunyan's Blog

By Mike Harutunyan | Agent in Van Nuys, CA
  • What to do, what to do??

    Posted Under: Market Conditions in North Hollywood, Home Buying in North Hollywood, Rent vs Buy in North Hollywood  |  September 9, 2011 10:31 AM  |  269 views  |  No comments

    I hear buyers who are not convinced about this Real Estate Market. Are you one of those buyers on the fence? If you are not convinced with this market let me point out some important things you have to consider in timing the right time to buy.

     

    For starters, most people can only give you their opinion about the market. As I point out many of the good items, make sure you check with a professional Real Estate agent to ensure the timing is right for you. Now let’s point out some of the good stuff;

     

    Give me 3 reasons why I should OWN today!

     

    1. LOW PRICES: in most cities you can still find great deals
    2. HOME AFFORDABILITY: The index is above 74.6% right now!! Means that for every 100 people 74.6 of them could afford to buy in this market
    3. RENT VS. BUY: in some cases/markets rents can be as much if not more than a mortgage

     

     

    Not convince yet?

     

    If you are currently renting here is what you have,

     

    • No tax benefit from your monthly rent payment
    • Most longtime renters spend money on maintaining their rentals. Money they will not recover, nor get credit for.
    • Most landlords increase rents
    • In some communities, it’s cheaper to own than rent
    • And I can go on and on….

     

    While there are some good that comes from renting, in the long run you are paying for someone elses dream.

     

    Still not convinced? Look at some of the interesting things our industry is forecasting;

     

    NAR (National Association of Realtors) is forecasting

    · Interest rates to increase as the economy gets better

    · 6% interest rates beyond 2012

    · 1% equity increases on homes each year until 2015

    · After 2015 or 2016 equity increase year over year will reach 6%

    · 2016 to be a turning point for the real estate market. The turning point will be led by 80 million (nation wide) Echo generation buyers.

    (like anything I’ve said, keep in mind these are all forecasts)

     

    So now it’s your turn, if you are thinking about buying talk to me, an agent near you, just make sure it’s a Real Estate professional. The best thing you can do is get an experience professional to help you navigate thru “uncharted waters” .

     

    Have fun, this market is right for you if it’s the right time for you!

 
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