Tuesday, September 15, 2009 Back to Schoolby Russ Qureshi on Tue, Sep, 15, 2009 05:08 PM It's the middle of September already and the kids are back at school and settling into a new (or new again) routine. Back to school for the kids and back to school for buyers. I've had several conversations with some fine folks who are considering purchasing a home. All the indicators show that this is the time to go for it. If you need a home, and you think the kind of home you want & need is available on market, then why wait? Timing is everything after all. Over a very short time these same fine folks will reconsider their idea of purchasing. Sober second thought and really hashing out what you want (especially if there is a partner involved) is absolutely a good idea. However, when I ask why they wish to "wait and see" at this point I usually get: "Well....I spoke with my friends and they told me to wait 'cause prices will continue to fall." Well, friends are great and I'm not naive enough to think that anything I say is going to trump a trusted friends opinion....but.....consider that a realtor (not just me but any realtor) also has your best interests at heart. If you have engaged a realtor then they owe you a duty under law to promote your interests. So, when a realtor tells you that money is as cheap as it has ever been (with fixed term rates dropping again last weekend), inventory is robust, asking prices have, for the most part, stablized and great deals can still be had during negotiations then you owe it to yourself to take that information into account. Friends tend to provide "off the cuff" information and ideas based on what they've read or seen in the media. Despite their best intentions I often see friends get it wrong....Your realtor has access to actual sold prices and their local knowledge (whether local is the neighbourhood, town or region) is profound enough that they're making a living by helping people like you buy and/or sell real estate! They need to know the market and the product available. I do understand realtors can get it wrong too! No one has a crystal ball, but on balance you're going to recieve more accurate information and a more knowledge based opinion then you will recieve from your social circle. If your ready & able (and it's only your willingness that fluctuates) then why not lock in some of the lowest mortgage rates in history & start creating equity immediately? Even if prices drop more, a good realtor will negotiate that into any offer they help you tender.....the alternative is to sit on the sidelines watching while you pay down your landlords mortgage.....and that's a shame.
Cheers,
Russ |
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