Realtors: Now is the time to buy a house - Sentinel & Enterprise
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"Right now, it's too good not to take advantage of it," he added. "It's the lowest since the mid-1960s. Government bonds drive interest rates. They have been doing everything they can to stimulate the economy. At this point, there is very little fear of inflation." -- Rich Healy
+ If there's very little fear of inflation then the rates will stay stable for some time...no reason to rush.
+ If theres little fear of inflaion, then the opposite must be true..."there is some fear of delfation". Having debt during times of deflation is very bad because you can never pay off the debt.
+ Realtors were spewing forth the same garbage at the top of the real estate bubble. Don't be fooled again.
There is no rush, buy when YOU think the time is right, do your homework. Think of your realtor as a freelance used car salesman....they only get paid when you buy!
Proof that Realtors are used car salesmen. The National Association of Realtors (NAR) claims that the median home prices rose 4.6% in May. Couple issues with this.
1) First, the NAR admits that prices are actually down 2.2% in the northeast.
2) A year ago May is when the $8000 tax credit took effect. So the NAR is saying that home prices rose without taking into account the $8000 tax credit. Factor this in and house prices stayed about the same.
Do they think we are all stupid?
Banks set mortgage rates based on forward-looking indicators. They want to be at a profitable interest rate for the first few years of the mortgage, which is where they make the most money. As soon as their analysis shows indicators for future growth, the rates will go up -- long before the prime rate or anything else. By the time buyers take notice and get everything in place to buy a house, the rates will be at 6%.
Meanwhile you throw your money away every month on rent.
Buying a $300K home and loosing 20-30% of its value pays for a lot of rent.
People have this crazy idea that a home is a way to store of wealth...it is not. A home is a place to live.
Since: Mar 11
Yes, it was a buyers market right now because the price of the house is still down.
Realtors aren't all bad, but they do make good money for a short time period of really doing nothing. The homeowner pays all the bills, property taxes, adjusts their life style to live if a home has been purchased to retire in the future. The BANK reems you with threats of paying on time, monthly-property tax-PMI, etc... and then the BANKS don't want to modify loans. They would rather have you short sale or get foreclosed on.
The government now wants to get rid of Fannie and Freddie to help with home purchases. Set the rules on Wall Street and let the dogs lose from the SEC. Let the regulators do their jobs and set fair regulation. Make the BANKS modify those who are current on their home loan(s), whether the home is a rental property or residential home. A bad loan is a bad loan.
Send a message to the BANKS. Don't make your house payment on June 01, 2011. If everyone stuck together on this, a clear message would be sent.
Enough helping the rich get richer.
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