To Buy Or Not To Buy, That Is The Question….

If you listen to the National Media, you probably hear that we are in a major downer for the real estate industry as a whole.  You might think that the real estate industry is terrible and that if you want to get involved you better not.  NOT SO!  If we were to look at a few trends (I recently heard these from a speaker names R i c h  L e v i n) he stated: ” In July of 1980 to March of 1983 it was a 3 year BUYERS MARKET.  Interest rates were very high and the market corrected itself.  Then from March 1983 to the summer of 1991 it was 8 years of a SELLERS MARKET where things were very good for the real estate industry.  In 1991 to 1993 the market had a correction and we havd 2 years of a BUYERS MARKER befor the 1993 to 2006 SELLERS MARKET came in to play.  That 12 year period was longer than normal.”  Why?  I venture to say it was because the market MISSED its normal correction when in the late 90′s (1999 to early 2000′s) when there were all kinds of loan programs out there to get in for ZERO Down or even refinance and take money out (The 125% to 150% refi’s.).  If the market would have corrected itself then, do you think this “correction” would be lasting this long?  If we did not have loan programs that let just about anyone get into a home for little to nothing down, do you think the market today might be a little bit different?  I don’t want to make you think that I don’t appreciate the different types of loan programs, I DO.  But I find it hard to swallow when we now are in the problematic state we are in because of it.

I wish I could buy more real estate right now.  Why?  Because interest rates are amazingly low and the prices of homes are astoundingly affordable.  In the Pocatello Idaho market we have seen that the average sales price of homes on the Multiple Listing Service has dropped over the past few years (from 2007) and now they have begun to increase (in 2010).  WHY?  Could it be that are area is about to make a change for the better?  Has the market begun to rebound?  IF SO IS IT TIME TO BUY????

I would venture to say BUY!  WHY BUY?  Rates are low, prices are low, financing is available (if you have not destroyed your credit during these tough economic times), and even better if you do not have a home to sell.

In a few years from now you will be happy that you chose today to BUY.

To Buy or Not To Buy, That Is The Question….

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Posted on Thursday, October 7th, 2010 at 6:46 pm and is filed under Community, First Time Home Buyers, Homes, Homes for Sale, Housing Market, MLS, Mortgages, Neighborhood, Questions and Answers, Real Estate, Rent, Selling a House. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.