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But I still think it is as good a time to buy a house as it has been for a year. Every situation is different, of course.
I have had two realtor friends ask me in the last 2 months if I would be interested in selling my house - as they are looking for inventory in my price range and location (in Charlotte). Hubby is reaching retirement age (which is why they asked about my possible interest in selling).
There are certainly buyers out there and I have a feeling they are thinking about rising interest rates in the future. It's a good time to buy a house, imo.
Don't get me wrong. I think buyers are in as good a spot as they will be for a while.
Money is cheap. Frustrations with inventory are still a factor, though.
I guess the market is more or less balanced, if one accepts stale inventory as "inventory." As a Realtor, I am not able to say "It's a great time to buy a house."
If you are buying based on the speculation on the value of a home, then never buy unless you are willing to sell as soon as the value goes up, then go back to renting.
If you want to fixed your living expense for the next 30 years, it doesn't matter what happens to the value of your home, the rate and expense is fixed to a certain extent, so buy a house.
After you buy a home, you actually want interest rates to shoot up, that way you money in the bank is working harder. If you never bought a home and your rent is not fixed, rates would in theory rise because of inflation, which mean your rent would be increasing too, just in theory. If you are spending so much on your mortgage that you can't put away cash every month, then you over bought.
If you wait to buy because you didn't want to buy in a downward moving market, the market can turn really fast and rates can increase, and the fed could shut down and make you consider holding off, basically where we are today, the future is always uncertain.
I have rental homes, usually I get renters that want to move into a larger place , yard, etc. This year I had many applicants that just sold their home and wanted to rent until the market settled.
They only had the option because they bought with a fixed loan that made sense and sold when the market turned. They weren't checking zillow everyday to see if their value went down. As long as your monthly mortgage payment makes sense, it doesn't matter what the market does after you buy, just ride it out and if you still have the place after 30 year, at lease you wont have a rent payment due every month.
My counter was within 1000 of ask, and the seller let it expire. I resubmitted today for 500 less. A friend in the title research business (in DC area) told me his business is off sharply, but mostly due to far fewer re-fis. I think cash just got a little more King, but this is not a big event. Remember when interest rates declined after the downgrade?
LOl only 17% of the bloated federal government is "shut down" and there won't be any DEFAULT. And even if there WERE, there are enough tax revenues coming in to cover our debts.
Just like the "sequester" the world was going to end, blah blah blah. Liberal Media going after all Obama's opposition.
His approval rate today is 37% an all time low. When that happened to BUSH, all you heard 3x per hour on TV and in media was his failure. Go try finding the same thing about Obama today. The article I read it in had the headline "People blame the GOP for the shut down". Pathetic.
Plenty of blame for both parties!! Neither party is clearly explaing themselves as to why they refuse to bargain/negotiate in good faith.
No rush. They need to get it done over the weekend without notice, when the markets are down.
That way, they can make their stock trades on Friday and profit on Monday.
Until this shutdown is resolved? It just seems way too risky... and we were about to decide between a couple houses. We're gonna wait it out.
I think it's a great time to buy if you are looking to do so within next few months... if you are going with conventional because I think rates will jump up a little after shut down is over
We're closing in a couple of weeks. I don't see how this is a bad time to buy? We're buying a home we will be in for 10-20 years, so short term drops in housing prices mean little, and we're happy to have a good low rate locked in. Plus we've got to live somewhere, and we love the house. I don't see any down sides, honestly.
It's always a good time to buy the right property for the right price.
Yes!
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