Home Buying in Granbury>Question Details

Kay Bailey, Real Estate Pro in 76049

Why do you say now is a good time to buy a house?

Asked by Kay Bailey, 76049 Wed Oct 29, 2008

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1. Buy Low, Sell High....that's how you make money in the market. Look who's buying stocks right now...only the richest man in the world....Warren Buffet.....follow his lead
2. Prices have for the most part not taken a dip here. We never really did a lot of the crazy stuff that happened in CA like neg ams and teaser rates. Maybe some, but those were rare. The nuculear bomb
of mortgages is not getting ready to explode here. We're not out of the weeds, but they're not really getting any taller in most areas around DFW.
3. Interest rates are still pretty low. In fact today I just had a customer get near the lowest interest rate I've ever had any customer get. For the customers on the lower end of the credit score spectrum they should buy now. When risk based pricing really goes into effect full force they may get priced out of the market.
4. First time homebuyer credit (loan) from the fed gov.....that may not last in a socialist goverment. You would think it would when we talk about socialism, but there will be no way to pay for it.
5. Long term....if the buyer is going to stay in one place, buying beats renting....hands down.
6. Interest deduction on fed taxes.
7. Who is really smart enough to time the bottom......best minds in the business can't do it, so you think you're better?
8. Seller sentiment is high.....they know they are not going to get top dollar in this market and may have to make consessions to make a sale. First time in my career to have multiple sellers tell me they know they may not get all the money they have in the house back. WOW....that's amazing.

What do you say? How's the market in Grandbury.....on fire I'd think with all the Barnett Shale action. What happens when people start getting royalty checks? I'd think there will be some big buyers for the people who had some land with mineral rights. If they had 3-4-5 acres or more and have gotten a big bonus check hopefully they'll start to see some montly royalty checks when the production starts and the pipelines are hooked up. Network with the jewelers and car sales people. First oil/gas money checks are in my experience spent on diamonds and gold....then a new car....then a new house.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Oct 29, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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I usually say "Wait to buy, prices are still declining, wait another year and save another 20%". I guess another way to put it, "Now is a good time to rent a house". Good Luck
0 votes Thank Flag Link Wed Oct 29, 2008
I can tell you in Jacksonville it is definitely a great time to buy. Not only do you have the $7500 tax credit, but many home values are close to $100/sq ft. The interests rates are great and you can still buy with as little as 3 1/2% down with FHA. If you have been qualified, have your down payment, and are ready to buy, the only reason not to buy is because you have not found the home that you want to make yours. If you are waiting for the news to tell you that the market is turning, you will have missed it and it will have already turned and the interest rates will be up. Stay positive and be determined to get the home want now.
Web Reference: http://www.cheriedelong.com
0 votes Thank Flag Link Wed Oct 29, 2008
Another great reason to buy is the $7500 tax credit for first time home buyers. It's like a 0% loan. You must purchase between April '08-July '09 and the definition of "first time home buyer" is that you haven't purchased a principle residence in the past 3 years. If you qualify, you can deduct the credit on your tax return. You have 15 years to pay off the loan-or if you sell the home before the 15 year time period the balance is due from the profit of the sale.

For more information on the New Home Buyer tax credit, visit my website and check out the FAQs.

Marcia
Web Reference: http://www.MarciaLevine.com
0 votes Thank Flag Link Wed Oct 29, 2008
Kay, interest rates are still very low compared to the mid eighties when 11-16% was common and house prices in Texas have shown, for the most part, slow but steady appreciation. If your market is like mine the house prices have been appreciating 3-5% per year. If they are looking at buying a 200K house and put it off until next year the cost probably willk be 206-210K giving them less equity in their home and negating any savings in the interest rate that MIGHT be gained by waiting.
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Wed Oct 29, 2008
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