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Buy Now or Later?Recently while reading an article about the housing market in Kiplinger magazine, we realized that many of you may feel you missed out as the first time home buyer’s tax credit draws to an end. The real story is that with mortgage rates at historic lows, hovering around 5%, there is still time to reap rewards. Is now the time for you to buy? Let’s look at some numbers. According to the National Association of Realtors, at a national level, the median price for a single family home is $163,600. The local Wilmington, NC market saw a 14% decline in the past year with the current average sales price of $219,813. Although we are seeing our fair share of short sales and foreclosures, we aren’t riddled like some areas of the nation but the local unemployment rate of 9.7 % may play a role in further price declines. Freddie Mac predicts mortgage rates near 5.7% for a 30 year fixed rate by the end of 2010. If you continue to wait hoping for prices to drop further any financial gain you could realize may be swallowed up by increased mortgage rates. If you must sell before you are in position to purchase, get your home realistically priced from the start. Unfortunately, we see sellers who followed the market with their pricing strategy instead of pricing the home ahead of the market. Your home will not be worth more than it is right now; at least for the foreseeable future. We remind our sellers that the current market competition forces us to be in a price war and a beauty contest. Your profits will be greater and the days on the market less if you price it right from the get go. We can advise you how to make your home appealing and priced right to move. Give us a call today 910-442-2030. See the link below for more information from the Kiplinger article. http://kiplinger.com/magazine/archives/nows-the-time-to-buy-a-home.html 14 Responses to “Buy Now or Later?”Leave a ReplyYou must be logged in to post a comment. |
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June 30th, 2010 at 5:36 am
well it depends on your budget also,buying a home is not a easy task for me.
August 11th, 2010 at 3:10 am
Nice and impressive post. Title is very attractive and the content are unique also. Thanks a lot for giving this information. keep blogging.
September 6th, 2010 at 5:04 pm
If you must sell before you are in position to purchase, get your home realistically priced from the start.
October 6th, 2010 at 1:20 pm
I wished I had waited to buy until now. I would love to be able to buy a house right now. Even if they do go down a little.
November 9th, 2010 at 6:16 am
Your profits will be greater and the days on the market less if you price it right from the get go
November 9th, 2010 at 10:24 am
If you can afford to buy now DO IT. this is a buyers market and there are great deals everywhere, nothing lasts forever so take advantage of a great opportunity.
December 9th, 2010 at 1:24 pm
We decided to buy this year and so far, we have been pretty happy with our decision. We did go with a 30 year fixed rate, hope it will end up being a great decision for us.
December 11th, 2010 at 6:44 pm
I agree with your advice about getting your home realistically priced from the beginning, that is KEY in this market! Nice Blog!! I am a Stamford CT Real Estate broker
check out our blog too!! 
maybe some referrals
February 8th, 2011 at 3:46 pm
Oh… it is really excellent, I think it is necessary to buy!
March 12th, 2011 at 10:05 pm
i think i may hold to a lower price of my house,just do not need now
April 7th, 2011 at 3:00 am
It is really better to buy now and pay later.
April 14th, 2011 at 11:26 pm
“Hi this is Heavenzoee of Fort Collins real estate
It’s good to see this information in your post, i was looking the same but there was not any proper resource, thanx now i have the link which i was looking for my research.
“
May 2nd, 2011 at 7:51 pm
You need to get your home valued to be realistic in what you can do.
May 4th, 2011 at 1:09 pm
I just had an aunt and uncle foreclose their house in California because they had to go back home this year. Their original plan was to sell the house. But since the United States was (or still is) in recession, even if their house was on the market for a very reasonable price, no one bought it. So they had a change of plans and had it foreclosed. If they were to lower down the price of their house, they were going to be in debt. Times are hard already.