The burning Question: Should I move house in market conditions like these?When is the right time to buy or sell a home? The state of the Real Estate Market has been a hot topic in the news for years now. But as a non-statistic, human being you may be feeling the urge to move or really need to move. If this is the case you’re probably searching for the answer our burning question.
We’ve all seen the downslide in the Real Estate market for a solid five years. Our current home prices are the same as they were in 2002 so I think we’ve experienced the pendulum swing for this century. Who’s fault was it? The big bad lenders who gave mortgages to people who really could not afford the payments, or the government who did not regulate? Maybe it was the economy that slowed down or the over spending on credit? Perhaps we just can’t compete with China and other countries with a huge cheap labor force. Was it Wall Street and huge investment companies who kept us artificially afloat when they were drowning? Did they cause the housing crash?I don’t want to minimize how devastating this housing crisis was and continues to be for so many families, individuals and small businesses. I believe there were many hands a work who created the house of cards that fell but lets look at some of the good that came out it.
1. We have started to save money again. Our collective experience has taught us to be more conservative in our spending and save for a rainy day.
2. When we buy a home we are buying for the right reason (because we can afford too), and we are much more educated on the market and the process when we buy than we have ever been in the past.
3. We are conserving on energy and understanding the long-term benefits and savings of building green.
4. We are living on less and reorganizing our priorities, need and want are no longer synonyms.
5. We are experiencing tougher banking regulations, but these serve to identify more resposible homebuyers.
6. Mortgage rates are historically low, a great benefit to buyers.
7. Home prices are finally stable.
But here’s some cheerful news! Residential housing prices have actually gone up 1% over the previous twelve months. I cansay after reviewing all the data that the market is stable. The number of sales has decreased about 20% for that same time period due to buyers having taken advantage of the first time home buyer tax credit which has now expired. And, real estate is still a good longterm investment.
The answer to that burning question: Should I move house in market conditions like these? I predict nothing will happen with property values in the next 3-5 years either up or down. If you are ready to buy or sell there is no time like the present. If you are just getting yourself geared up to explore the idea, call your Realtor for a roadmap, we’ll show you the route thats best for you. http://www.villagegreenrealty.com