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Heide Lippac…, Real Estate Pro in Long Beach, NY

Is Now A Good Time To Buy?

Asked by Heide Lippacher Call (516) 662-8790, Long Beach, NY Fri Jan 23, 2009

Yes, in my opinion this is one of the best times to buy. With interest rates as low as they are and home prices falling as far as they have, there are great opportunities for home buyers.

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I get this question all the time - I have two responses
First -Do you need a place to live ? Then it is a good time to buy -after all , although we would all like to think of ourselves as savvy investors , the main reason most people buy a house is to have a place to live, so market conditions are secondary to the main purpose .
Second - Or are you buying because you want to make money - then the answer is in your own heart.
Prices are lower now than at the height of the market , so it is a better time to buy than at that point
prices may go lower , so it is not a good time to buy because you will lose more money .
So decide why you want to buy a home , and if it is the first reason , then buy the best you can afford
If it is the second reason , then do your own soul searching
2 votes Thank Flag Link Sat Jan 24, 2009
Leveraged hit the nail on the head. This very question was asked before, either here or on another forum I frequent. I was put down for honestly answering the question that it could be the greatest time to buy or the worst time to buy.

Every buyer is different. Every house is different. Every person is different. This question is too broad and general to give you a realistic answer. Only by looking at the individual buyer, their situation and the particulars that are unique to that person and the home they are interested, can anyone honestly answer the question.
1 vote Thank Flag Link Thu Feb 26, 2009
It most certainly is a good time to buy. In the Westfield area, homes that are priced right and in very good condition are getting multiple offers! I have information about this on my website.
0 votes Thank Flag Link Fri Sep 24, 2010
Buying a home can be a wonderful investment over time; however, it may not be the best option for some. I purchased my first home ten years ago when I knew I would not be relocating with my job, had a good down payment, and could financially support a house payment, maintenance, and other debts for a long period of time should I lose my income. My house payment and maintenance costs were less than what I paid when renting. If I lost my income I could support the debt long term. As a first time home buyer, I only used a third of what the bank approved me for to purchase a home. With the additional leverage, I purchases two small rental properties that I could support if I lost my income as well. My Father always said to never put all your investment eggs in one basket and you will eat alot of peanut butter and jelly sandwiches along the way to reach the goal. Thirty years later, and a landslide of peanut butter and jelly sandwiches later --- he was so right.

When I think about the question "Is now a good time to buy," I think it is if potential buyers are purchasing within or well below their financial means and have a solid financial plan. I still enjoy a good peanut butter and jelly sandwich now and then --- with an ice cold glass of milk!
0 votes Thank Flag Link Fri Sep 24, 2010
Hi Heide, this is one of the most frequently asked questions in real estate. I have written a four part blog about this topic to guy people through the decision making process. You can check it out at the link I reference below.
0 votes Thank Flag Link Fri Sep 24, 2010
11 Answers, 11 Realtors, 11 YES's. This is a very reliable way to determine market conditions. It is like asking a used car salesman if he thinks it is a good time to buy a new car.
0 votes Thank Flag Link Thu Feb 26, 2009
Yes, Yes, Yes. Interest rates are great and there are bargains to be had; and depending on the goverment stimulus package you never know when a recovery will take place. Actually depending on the area/state there are some rebounds already taking place.
0 votes Thank Flag Link Fri Feb 13, 2009
That depends on where you want to purchase? The real estate market on Whidbey Island, (Washington State) is really quite active. The new listing to pending ratio is about 46% and the list price to sales price ratio in Oak Harbor is at 100%! So I'd say we have "hit bottom" as far as home prices. The local lenders are well capitalized and are making home loans. The rates have bumped up a bit, so anyone waiting on the fence should lock in their interest rate now before they rise again. It is an excellent time to own real estate.
0 votes Thank Flag Link Tue Jan 27, 2009
For our profession, today like any day is a good time to buy.

For our consumer though, it is an ideal time. Everything is ON sale and bargains are plenty.
Web Reference:
0 votes Thank Flag Link Tue Jan 27, 2009
Our answer is still, there hasn't been a better time to buy in a very loooong time.
0 votes Thank Flag Link Sat Jan 24, 2009
Real Estate is a highly local business. In our area, Madison WI, it is an excellent time to buy. Our market is insulated from many national economic ups and downs and remains relatively stable. Low rates+adjusted sales prices+first time home buyer credit=buy. Guru-Although rates are very attractive now, the picture may be quite different as we head towards the summer. Oil prices may be on the rise as we approach the summer driving season, some of the economic stimulus might begin to take hold, corporate cost-cutting measures could start to bear fruit, and the big enchilada...the Fed will no longer be a buyer of Mortgage Bonds. These are all ingredients in a recipe that will undoubtedly result in significantly higher interest rates this summer. Be sure to explain this to your potential refinance and purchase clients - this wonderful opportunity at hand will not last forever.
Web Reference:
0 votes Thank Flag Link Fri Jan 23, 2009
Asked and answered. ...................
0 votes Thank Flag Link Fri Jan 23, 2009
You seem far better informed that your counterparts who have commented to you. It is the BEST time to buy!

You will never know we are at the bottom until we start to rise. Interest rates are far more important than the price of any house!
Web Reference:
0 votes Thank Flag Link Fri Jan 23, 2009
if you live in Florida, California, arizona, many ares of new york, other at risk areas, then noi, it is not a good time
0 votes Thank Flag Link Fri Jan 23, 2009
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