In the most recent nine calls from prospective buyers, the buyer prospect said that they were waiting to see what was going to happen to real estate prices. That seems to be the trend these days. Please remember that may seem to be the most cautious approach to take but can be very costly in the long run.
The fact is if you are paying rent the fundamentals have not changed. You are likely paying mortgage, taxes, and maintenance someone else, building or rebuilding their equity, and missing out on huge the tax credits benefits and the chance to make it your very own home.
A second fact is that, if you own and are selling to reposition, even if you have to sell at a lower price, the replacement home you buy regardless of price will most likely be at a lower comparative price for what you get.
This is a big one. As long as you don’t overextend your ability to pay, buy. Inflation is the major factor (demon) to consider. Inflation will arise sooner or later and the interest rates will rise with inflation. When that event happens, Katy bar the door, when one wants to purchase at that time they will pay and pay and pay while they chase the upward spiral in interest and property values. They will look back on the good old days when they could have bought for a song in the wait-and-see times.
There are other logical considerations in real estate and there are information exchanges where you can see Multiple Listing data, one of which is my real estate website at Western Colorado Dot Net. Come look for homes in Western Colorado.
This is your tidbits for the timid for today.
