Market Conditions in 85364>Question Details

Bill Snyder,  in Yuma County, CO

WHEN IS IT THE BEST TIME TO BUY A HOME?

Asked by Bill Snyder, Yuma County, CO Wed Nov 14, 2007

Are we at the bottom of the bubble?

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Answers

20
2:00 pm....I know this is a wise answer but, this will depend on what you are buying and what price as well as a number of unknowns.

Also, I don't personally think we are at the bottom of the market yet. That doesn't mean I don't think it is a great time to find awesome deals.
Good luck.
Web Reference: http://bradbergamini.com
5 votes Thank Flag Link Wed Nov 14, 2007
I agree with Diane. As Realtors, we are here to promote our industry and real estate is definitely local. If we speak negatively of the market, we're simply becoming a part of the negative media mouth and not part of the solution! I believe that NOW is the time to buy. It's not called a Buyer's market for nothing. I personally work with investors & developers and they are all actively looking to purchase multiple properties in this market. There is plenty to choose from, room for negotiating and plenty of bargains to be had. Also, interest rates are still LOW!
How quickly people forget the mid to late 80's....interest rates up to 18 or 20%!!!!
Perhaps this is just a much needed weeding out of the real estate and financial industries.
This market will determine who will remain in the Real Estate business successfully, and who will go to work for newspapers writing all that negative press.
Please be positive and be well.
3 votes Thank Flag Link Thu Nov 15, 2007
More importantly, when is it the best time for YOU to buy? Interest rates are rising, and if you are pre-approved, I would start looking now. If you are not pre-approved, please talk with a local lender. Then speak with a local agent or local agent...


Oh wait, you are an agent. Are you asking others or do you really not know when a good time is to buy a home? It depends on the client, what they have going on just as much as the local housing market, rates, and etc.

FYI, anyone who claims to know for a fact we are "at the bottom of the bubble" wants something, cause there is no way to know for sure, until we have started climbing up. Period.
2 votes Thank Flag Link Tue Mar 29, 2011
What bubble? As a RE Pro, are you listening to the hype in the media? or doing your job??? Don't you understand that real estate is local???

In my market, housing prices are stable, bidding wars are back for over a year. Houses that are priced right sell in 16 days!

Stop being a part of the problem and think before you post!!! Stop perpetuating the picture the media has painted because they don't know any better. The facts are that houses are selling when priced right. There is plenty of inventory, giving buyers lots of choices, and rates are low. It doesn't get much better than right now!
Web Reference: http://www.dianeglander.com
2 votes Thank Flag Link Thu Nov 15, 2007
Repo homes are at a Low now in the Yuma County area the lowest in 2 and 1/2 years ! that means the market will be changing soon ... Residential and Multi family properties will increase in price , Now is definitely the time to buy !

We are at the Bottom of the Bubble ! Yeah!!!!!!!!!!!!

However Commercial Properties will be down for at least 2 more Years .
1 vote Thank Flag Link Mon Mar 9, 2009
Hang in there Bill.......Take a good look at your market. Evaluate what people want and show them how to get it. It may be helpful to take a look at the projected demographics for your area. After looking at the projected demographics establish who is doing the moving (couples w/out kids, retirees, first time buyers, etc.) look at the age groups, jobs and more. Show your clients (or prospects) that the doom and gloom sells newspapers not homes.....that is your/our job.

Hint: It's a great time to be investing.....
1 vote Thank Flag Link Thu Nov 15, 2007
The best time to buy is when you are ready financially and most important you find the home that fits all your needs.
0 votes Thank Flag Link Tue Mar 29, 2011
I love how this Question was asked in 2007 and the agents answered " YES" " Buy NOW!!!" ha then it was the same at 2009 and 2010. And they all say YES the Bubble is at its end.
I have reason to believe that in Yuma NO the Bubble is not finished. I think that if you are buying a Place it is reasonable to look at the Sales for 2000 to get an accurate price of what you should be paying. As a rule of thumb go back 10 years then you should be safe. The time to buy is when you find the Deal that is meant for you!
0 votes Thank Flag Link Fri Mar 18, 2011
Let me start by saying the only way you'll know we have bottomed out is when prices start going up. How can you get any better than now, lowest rates in decades and prices at 2004 values. Myrtle Beach is the most wonderful place to begin and I'm ready to get you started.
Web Reference: http://www.DougProcter.com
0 votes Thank Flag Link Tue Aug 17, 2010
Early in the morning when the dew is gleaning from the rooftops and the paint smells fresh.

All kidding aside.. Now. Always now. If you are thinking about it now is the time.
It seems that most of the clients that Wait, wait too long and the market passes either by price or financing %.
So get out there and buy your home.
Web Reference: http://bradbergamini.com
0 votes Thank Flag Link Tue Aug 17, 2010
NOW!!!! Interest Rates-low
Inventory -high
first time home buyer
tax credit $8000. deadline fast approaching!!!
Web Reference: http://johannaware.com
0 votes Thank Flag Link Tue Sep 22, 2009
Short Answer: When the market is greedy, SELL. When it's not, BUY!
0 votes Thank Flag Link Tue Sep 22, 2009
NOW! You are buying to live in a Home... not as an investment property, or as a Fix and Flip! . It's your Home! If you are waiting for it to go down lower... no one has a crystal ball. Not you, not the Feds, Noone! Prices historically havent' been this good in decades. Statistically you will live in your home for 3 to 4 years. So make the plunge... you won't be sorry, you have a wealth of inventory, and you will be able to make a great deal!
0 votes Thank Flag Link Mon Sep 21, 2009
Get off that fence!
By Denise Lones

I’ve been saying it for months, and I’ll say it again.

NOW is the time to get off the fence and buy.

Why am I so convinced that the time is now?

Well, it’s a combination of things. Regardless of whether you’re building a new deck, or whipping up a batch of cupcakes, you need the right ingredients in order to insure success. For the Buyers considering a purchase, the right ingredients are at hand.

Today, right now, is the time to act. Here’s why:

Mortgage rates are low, lower than they have been for many years. In fact, they’re approaching historic lows! Yes, you actually have to qualify for a loan now. But, I guarantee you there are lenders out there who are ready, willing and able to lend you mortgage money at very attractive rates.

Inventory levels are high. Unfortunately for sellers, buyers have an enormous number of homes from which to pick. In many markets, inventory is at an all time high. As a result, buyers no longer have to “settle” on a home that’s not what they want.

Sellers are motivated. Whether they are in trouble with their financing, worried about their employment or having to make many lifestyle changes as a result of losses in the stock market, many sellers need to sell and are willing to negotiate accordingly.

First-time home buyers can also get a $8,000 non-repayable tax credit from the government. And you can apply it to either your 2008 or 2009 taxes.

We may have already reached the bottom of the market. Some buyers are still waiting, trying to buy at the very bottom of the market. Funny thing about that - you never know you’ve hit bottom until prices are on their way back up. And many buyers don’t realize than an increase in their mortgage rate will completely eliminate any advantage they may have gained by waiting for prices to decrease by a few thousand dollars more.

So, yes, I feel strongly that buyers who don’t make a move right now are missing a huge opportunity.
0 votes Thank Flag Link Sat Apr 4, 2009
The question: When is it the best time to buy a home? That would depend upon your needs. If you are planning to stay in your home for a long period of time, then it is a great time to buy. Interest rates are at historic lows, there are many homes available, sellers are willing to pay some or all of your closing costs, and home prices are way down. Now, if you are planning to move in a couple of years, i would be a bit more cautious. There unfortunately is no way to tell if we have hit the bottom of the market until we start back up again, and then only in hindsight. There are more buyers in my opinion...several homes sold in Yuma recently have had multiple offers...those appear to be primarily foreclosures. Foreclosures are setting the market in Yuma at this time. When to buy? Make a list of why you are planning to buy, weigh out the pros and cons for your family, and then make a decision. Don't wait too long or you may miss great opportunities today. Want to know more answers to more questions? Call Wanda at ERA Yuma today!
0 votes Thank Flag Link Sun Mar 15, 2009
We're all in the same boat but you can't really say for all areas. The market here in Myrtle b\Beach is completely different from Yuma County. As far as the bubble goes, the only why anyone will know is and only when prices start to rise and then you may very well have missed the boat for a few grand. Regardless, this is still not a bad market, people always want to sell and people always want to buy, fact of life. It all boils down to the ones of us willing to go that extra mile in customer service. The other side is that we're purging our own profession off the (80%) of tyhe 80/20 rule.
Have a wonderful real estate day...
Web Reference: http://www.DougProcter.com
0 votes Thank Flag Link Sat Mar 14, 2009
You can only guess the answer to that. But the best time to buy is when a buyer can get a below market price for the home he is buying, have a large number of homes to choose from, and a low interest rate. That time is now. I saw buyers almost fight over homes in 2005 when it was a sellers market. We would get mulitply offers and the buyers would pay more than the list price just to get the home. It seems many people do things backwards. It is a buyers market now, don't wait for what you think is the bottom, because we do not know. If you have a good secure job, can afford the payment, and you see a home you would like to live in and call home, It is time for you to go for it. Don't think about, will the prices drop $10,000. in 3 months. You might just wait too long and a 1% increase in a interest rate could increase that house payment enough to put it out of your secure price range. Weigh all your options and make a smart decission that works for you.
0 votes Thank Flag Link Mon Mar 9, 2009
Get off that fence!
By Denise Lones

I’ve been saying it for months, and I’ll say it again.

NOW is the time to get off the fence and buy.

Why am I so convinced that the time is now?

Well, it’s a combination of things. Regardless of whether you’re building a new deck, or whipping up a batch of cupcakes, you need the right ingredients in order to insure success. For the Buyers considering a purchase, the right ingredients are at hand.

Today, right now, is the time to act. Here’s why:

Mortgage rates are low, lower than they have been for many years. In fact, they’re approaching historic lows! Yes, you actually have to qualify for a loan now. But, I guarantee you there are lenders out there who are ready, willing and able to lend you mortgage money at very attractive rates.

Inventory levels are high. Unfortunately for sellers, buyers have an enormous number of homes from which to pick. In many markets, inventory is at an all time high. As a result, buyers no longer have to “settle” on a home that’s not what they want.

Sellers are motivated. Whether they are in trouble with their financing, worried about their employment or having to make many lifestyle changes as a result of losses in the stock market, many sellers need to sell and are willing to negotiate accordingly.

First-time home buyers can also get a $8,000 non-repayable tax credit from the government. And you can apply it to either your 2008 or 2009 taxes.

We may have already reached the bottom of the market. Some buyers are still waiting, trying to buy at the very bottom of the market. Funny thi g about that - you never know you’ve hit bottom until prices are on their way back up. And many buyers don’t realize than an increase in their mortgage rate will completely eliminate any advantage they may have gained by waiting for prices to decrease by a few thousand dollars more.

So, yes, I feel strongly that buyers who don’t make a move right now are missing a huge opportunity.
0 votes Thank Flag Link Sat Mar 7, 2009
Now.... the answer is always now... unless it is not now. Clear.
0 votes Thank Flag Link Sat Mar 7, 2009
You said it Barbara! Don't be afraid. The time is right.
0 votes Thank Flag Link Sun Nov 18, 2007
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