Friday, February 06, 2009

Waiting to Buy a Home may Cost You

"Some people say they want to wait for a clearer view of the future. But when the future is again clear, the present bargains will have vanished. In fact, does anyone think that today's prices will prevail once full confidence has been restored?"

This is a quote that makes a lot of since in today's real estate market. Many potential home buyers are waiting for the word (from whatever source they believe in) to make a purchase of a home they will be living in, or to buy real estate for investment purposes.

The problem is that if you wait until the media gives you the go ahead, it will be way too late to get a great deal on a property. This holds true for investments or for the owner/occupant. You will be competing with droves of other home buyers trying to take advantage of the turn-around in the market. We are already seeing this in some markets such as Lynn Massachusetts where 70% of lower priced (under $200K) single family homes have sold over list price during the last 2 months. We are seeing many multiple offer situations, and it is starting to happen in other towns. If you see a property you like, do not hesitate or you will take the chance of losing that home to someone else.

Now I'm not trying to rush you into making a rash decision to buy the first home you see. I (along with my hand-picked staff of Realtors) represent buyers to get them the best deal on a home or investment property. We will advise you when to jump, and when to take your time to investigate a property. Yes, we want your business, but even more important - we want your repeat business and referrals! We won't get that by pressuring you into buying a property that isn't right for you or is overpriced.

By the way, the quote above was made 77 years ago by Dean Witter in May of 1932.

If there is one thing we have learned in life is that history tends to repeat itself -especially in the financial markets.

Jim Armstrong
Armstrong Field Real Estate
Serving the North Shore of Massachusetts

No comments: