Should I buy a home now or wait and see what happens with this real estate market?

Asked by Robert Reardon, Lee County, FL Sun Jul 29, 2007

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13
Bruce Lynn, Agent, Coppell, TX
Sun Jul 29, 2007
Timing the market is like predicting the future. If you or I knew exactly when to buy or sell at the top or bottom of the market, we’ll we probably wouldn’t want to share our information. You might wait for lower prices, but what about higher interest rates? The people with low credit scores who waited to buy a few months ago, might not be able to get a loan at all now. I think there is no perfect time to buy, but if you’re thinking about it do it. Buy to coincide with the end of your current lease. Buy because you plan to stay a while. There are tax benefits to think about and leveraged appreciation to consider. What will make you happy? Or your family happy? If you wait, when will you know the time is right? I say buy now if you’re ready to buy, don’t wait. If you need a good Realtor to help walk you through some of the consideration just let me know and I be glad to provide you a good recommendation.
Web Reference:  http://www.teamlynn.com
2 votes
Craig Brezina, , Naples, FL
Fri Sep 17, 2010
Fort Myers Prices are not going to increase more than a few percent anytime soon. The job market in Lee county is horrible, and over 20 percent of homeowners are behind on their mortgage payments which will mean more supply coming to the market.

Real Estate agents are always using interest as a reason to buy now. Give me a break, people have been saying rates will go up for two years. Do you really think the Fed can raise rates right now?

For a no nonsense place to find Fort Myers real estate advice go to: http://ftmyerscraig.com
Web Reference:  http://ftmyershomesearch.com
1 vote
Warren Damia…, Agent, Little Falls, NJ
Sun Jul 29, 2007
No one really has a crystal ball, take a look at interest rates, they appear to be climbing recently. It's a catch 22...if rates go up, prices may come down, but then your mortgage will cost you that much more with the increased rate.
1 vote
Diane Glander, Agent, Spring Lake, NJ
Sun Jul 29, 2007
Ok, so you are an agent and are asking this question???? You should have the knowledge to answer this question yourself. Oh, I see that you have done that below!!! Is that what this forum is all about???
1 vote
Mario Pinedo,…, Agent, Cupertino, CA
Sun Jul 29, 2007
That's a tough question. I suggest the solution is to think longer term. What are your needs for the next 3-5 or more years? If you happen to buy a home and for the first year it drops a few percentage points in value, then increases from there, the tax benefits will more than likely cover this loss of value for the year. Also, timing the market is very hard. Perhaps a solution is to buy a smaller home. This will keep you pegged to the market if the market goes up and any concern over a loss will be mitigated by a lower stake in the market. Also you will still benefit from the tax advantages.
1 vote
Annette Law…, Agent, Palm Harbor, FL
Tue Jan 7, 2014
This question was posted Jul 29, 2007
"See what happens" suggests Robert had a clue.
0 votes
Bill Black, Agent, Cape Coral, FL
Tue Jan 7, 2014
Buy Now, I've benn through the down market,and Market in Cape Coral, Fl is up over 25% in 2013
0 votes
Brandy Karal…, Agent, Cape Coral, FL
Mon Oct 28, 2013
As a new home specialist, I can tell you honestly that you can build a brand new home for similar prices of resale homes. I work with many of the builders I. Lee County and can assure you, there is a quality builder for every price range. Flipping is coming back, so once again, you will be competing against investors, in addition to the new home buyers that are coming in. I know that I have been contacted by 3 new investors in the past month, and there are multiple new buyers relocating for jobs. Our economy as whole is improving, and I believe you will see prices continue to rise. Not as quickly as the have been, but they will go up. Definitely think about your short term (1-3 years), and your longer term (5-10 years) and decide what will benefit you as your familys' goals.
Feel fee to contact me and I can get you a list of builders/model homes to check out if this is the route you decide to take.

Good luck!
0 votes
Fred Herman, Agent, Staten Island, NY
Fri Aug 16, 2013
buy buy buy

are you wait for the interest rates to go up???
0 votes
, ,
Fri Aug 16, 2013
Location, location, location!
I think we may have a tad bit of a surge in the real estate market but since there are so dang many buyers around, I say, BUY!

But, make sure its a home that has some upside to it.
What I mean is buy a home that has maybe some overgrowth weeds or needs some minor work so that with minimal effort and cash, you have a true gem. If you buy in a community with a good school district, this will help with your value stabilizing even if we retract 3-6% over the winter.

Don't sweat it!

Next year, with the economy recovering across the board, I say buying and selling will be even more active!

So, yes, BUY!
But don't buy to worry.
Buy to enjoy homeownership and because it fits your budget!
0 votes
Rick Goldfed…, Agent, Aventura, FL
Fri Aug 16, 2013
I would seriously contemplate buying now. The market is slowly rising on a day to day basis. The longer you wait , the more $$ you will wind up spending. If you like can help you find a property
that will be suitable to your needs. fredrick.goldfeder@century21.com
0 votes
Angie Nichols, Agent, Ft Myers, FL
Fri Aug 16, 2013
The answer to that question depends on your unique situation. I believe that interest rates & home values are only going to go up. However, if you cannot afford to buy now, I do not recommend stretching your finances. I would be happy to talk with you about your circumstances and help you determine the next best step for you
0 votes
Pam Wittenau…, Agent, Fort Myers, FL
Fri Aug 20, 2010
I have been told to look at all the options. 1. Buy now and, it may go down a few percentages, however, if you keep it for the next 3-5 years, there might be a good chance that that you will get your money back. If you wait a year or two, then it you may get the same result and spending the same amount of money. I don't think you lose by buying now. I am in the same situation.
0 votes
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