Homes For Rent In Cincinnati Ohio - Is It A Good Time To Buy A House?
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Is It A Good Time To Buy A House?
Is now a good time to buy a house? That's a great question. I'd like to rejoinder it with a quote that my real estate mentor once told me. The best time to buy a house is when you need a place to live. I know that may sound a slight silly, but the fact is, you buy a home to serve a purpose. When you need a car, you buy a car- when you need a place to live, you buy (or rent) a house.
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In reality, though, there are two distinct answers to that question. It depends on why you are buying and what your intentions are. I wrote this narrative for those of you who are looking to buy a house as a original residence. For those inspecting buying a real estate speculation property, you can read my narrative titled good time to buy a house-real estate investment. The Fact is, if you are a real estate investor, or inspecting becoming one, the best time to buy may wholly distinct from that of a retired combine looking to downsize after their 4th child ultimately leaves for college. You've heard what the media is telling you about buying property and you've read the newspaper's roller coaster advice about the housing markets. No doubt your mom, dad, sisters, brothers, uncles, aunts, and your pet bird Petey all have their opinions too. So how do you decree when you should get serious about jumping into home ownership? First, lets look at the "buy at the bottom" idea.
Buy at the bottom? Great idea right? Sure, I'm all for getting a good buy on property. The problem? Knowing when we're at the bottom. How do we do that? Again, if you ask around, you're sure to get many different, and some interestingly amusing advice. So I'll rejoinder that quiz, for you from my experience...Nobody Can!
You might be thinking "wow, thanks a lot, that wasn't real helpful." My point is this, though; no economist, no guru, no loan specialist, or whatever else can pinpoint the lowest of the store until it's long gone. Oh, yes, with hindsight we can decree when the lowest (or top) was, but not one of us knows it until then. For instance: The top of the real estate store in Roseburg Oregon, where I live, was almost July of 2005. We didn't have any idea that we were cresting in July, but we sure do now.
1. Rookie Buyer Mistake #1. Waiting around to take benefit of "buying at the bottom." More often than not, the lowest flies by and that buyer ends up paying more for a house than they should have, or they get hit with a higher interest rate that ends up robbing them of the savings they did experience.
2. Rookie Buyer Mistake #2. inspecting your house as the "largest speculation you will ever make." You home may very well cost you more than whatever else you ever buy but it is not an investment! When you buy a house to live in, you are buying a place to call home, a place to watch the kids play in the back yard, a place to grow, laugh, and cry together in. Once you start inspecting your home as an investment, you've lost the touchy-feelies of house home ownership.
Think about it this way. When your last child was born and your house no longer fit into the cool two-seater, what did you do? Did you wait for the lowest of the mini-van store or did you go buy a mini-van? Don't get me wrong, I'm all for getting a good deal on a home. I'm just separating the differences between buying a house as a home and buying as a real estate investment. My experience has been that a home buyer who looks at their buy as an speculation ordinarily does not get the kind of outcome they were hoping for. In fact, many end up paying thousands of dollars more by waiting.
Why is now a good time to buy a house? reconsider this scenario:
A house that can be purchased today for 0,000 (Roseburg average) with a 5% down payment, and is financed over 30 years would have a monthly payment of about 5 P/I. The buyer will (in this example and like most home owners) live in this house for the next 7 years.
Now lets reconsider together that the hypothetical buyer procrastinates and "waits for the bottom." What if, while this buyer waits, the interest rate for a general 30 year mortgage go up by a just 1%? This is not an uncommon hope of many professionals, by the way. Let's say, though, that prices did go down by ,000 so the buyer was able to save ,000 right?
Wrong! Even with a buy price of 5,000, with a 5% down payment, and a loan estimate of 7,750, the 1% growth in the interest rate nothing else but makes his monthly payment higher than it would have been in the above example. The payment is now 6.00 per month, a disagreement of ,124 over the next 7 years! So much for salvage ,000!
You see the qoute with the "waiting for the bottom" thinking? My advice to you who are trying to decree when you should buy is this. reconsider your house needs, job security, and look at the data we have right now to base your decision on. So what do we know now?
We know that we have super low mortgage interest rates right now!
We know that home prices are breathtaking right now, equal to what they were in 2002!
We know that if we aren't on the lowest of the store that we must be very close.
We know that if we wait, we could potentially end up costing us more money than we might maybe save.
Is Now A Good Time To Buy A House? My notion is nothing else but Yes!
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