Should I Buy Property Right Now?
Signs are pointing to further price softening thanks to recent decisions by a number of lenders to lift the foreclosure moratorium; this will lead to some further fluctuations in the market. For the standard Single Family Home, all the evidence is pointing to the fact that we’re pretty close — if not already at — the bottom. You can see it in the numbers: the right property at the right price sees many buyers (including standing-room only auctions). Not only are prices good, but any homes purchased in by the end of 2009 will qualify for a $8,000 tax credit. Remember this: REO’s and bank-owned properties are limited in quantity. Almost all of the bad seeds have been filtered out. When those properties dry up, the market will begin its ascent. Home ownership is still part of the American Dream, and when people feel comfortable enough, inventories will shrink and appreciation will return. So we return to the original question — is it a good or bad time to buy a property? I say yes. Sure, you could hope for a little bit better deal here or there, but the market’s not going to bottom out much further. Right now, you’ve got a strong combination of selection and price. Go for it!
Is it a good or bad time to buy property? Things are still bad, but all reports are that they’re starting to get better. The recent surges in the stock market show that confidence is returning. If you’re fishing for the very bottom of the barrel, there’s still some unpredictability in the market. However, it’s hard to deny the sheer upside of today’s market.