It’s time to buy residential real estate

Okay, understandably there is some skepticism.  Is now the time?  Who is out there that is able and willing to buy.  Once again we are looking to first time buyers to bring us out of this slow market.  Yes, we may see another dip or two as the gates open and foreclosures hit the market in q1.  However, as inventory trends down the fed will feel less pressured to keep interest rates down.

I read a great example how a home buyer today vs 2003 of a $250K home benfits monthly and over the life of a 30 year mortgage signficantly.  It is approximately $100K difference over the life of the loan in favor of today’s borrowers at the increadible sub-4% IR rates.

I read this list of top reasons to buy a property and  understood them and identified most with reason #4.  Many of my clients are single people who don’t have children or empty nesters so their top 4 list is a bit different.  Reasons include “wanting autonomy” vs renting.   Many are considering condos/townhouses vs a single family home.  With the current rates, buying can be more affordable than renting.  Space, yes that is one that I value, although it has its pluses and minuses.  Too much space can lead to higher utility bills and too much clutter.

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