Oct 03 2007
The Case For Buying A House Now (How do you know when we’ve hit the ‘bottom?’)
As many of you know, the real-estate market is significantly off its peak highs of late 2005. With this, people are saying “why would I want to buy a house now?” Well, I think it it’s the best time in the last 10 years to get the home of your dream! Let me explain:
First of all, interest rates are still at an all time low.
Contrary to what the media reports, there are many banks making loans.
Inventories are high which means, as a buyer, you have more negotiating power. This ultimately leads to a better price, increased home upgrades, seller buy-downs on your loans, reduced payments, and more choices on house-type and location.
Of course, there are those naysayers who say, “I’m not buying until the bottom!” Well, when do you know when we’ve hit the ‘bottom?’ Most of the time the way you spot the ‘bottom’ is when you notice prices going up, which is bound to happen any day.
Woodhill Homes believes that purchasing a new home is unlike any other event in an individual’s lifetime. It’s truly a special & lifelong decision that you need to go into with a long-term approach.
It seems as though the home-buyer’s mentality has shifted from a, “Is this an ideal place to raise a family & craft lifelong memories?” to “how much money will I make off selling this place in the short-term?”
If making money on your house is the primary focus, you need to buy an investment house, not a home and review the choice solely on its return capability, not on schools for the kids, closeness to family, etc.
Go out and look this weekend and see how attractive home-ownership looks. If you look with the correct motivations, I know you will be pleasantly surprised!
Woodhill Homes builds homes in Central Oregon (currently in Bend & Redmond) that are built for family-living. We build energy-efficient “responsible” homes so you can craft special family memories in a beautiful home.
Also, an interesting (and academic reading) on this subject was posted last week on Yahoo! Finance:
Jeremy Siegel, Ph.D. The Future for Investors
Don’t Blame the Central Banks — Thank Them
Posted on Thursday, September 27, 2007, 12:00AM
Popularity: 32% [?]
Interesting read. My parents just purchased a home in Arizona as a “winter home.” You’re 100% spot on about buyers having negotiating power - they negotiated a great deal. Great advice
[…] This story by the Bend Bulletin is very similar to what George wrote Oct. 3rd: […]
[…] I have said before, right now is the best time to buy a new home, especially in Central Oregon. Buyers have more negotiating power now, and with house prices softened the ball is now squarely in […]
I just bought a home in Central Oregon. I got a great deal and don’t imagine I could ever have any regrets. I just hope everyone understands that if it was a good idea to buy a home a couple years ago, well then it’s a GREAT idea to buy one now! This has to be the best buyers’ market in Central Oregon in 20 years!
[…] inflation, which means increases in interest rates, which for buyers means higher payments. Are we at the bottom? Nobody knows, but the house you see today, if you wait too long, could cost you more to own […]