Wow, we are being hit by all sides these days. The money market is in disarray, lay-offs are high, California hasn’t passed a budget. Can it get any worse than this? Why would anyone buy?
It is being blared across the air waves that it’s as bad as the 1920s. So, can/should you buy?
Did you know that A LOT of people made money during that depression. How? They did not follow the pack. This is very hard to do. The best managers of money (Boone Pickens, Warren Buffet, and Bill Gates – for example) are a different breed of cat. They seem to operate opposite of the crowd. They buy when no one else is and they will freely tell you to do the same. It takes a brave soul to not follow the crowd.
There are statistics that show things are not as bad as they seem. In Sonoma County home sales are up – way up. First time buyers can finally afford to buy and they are. There are multiple offers on many homes. Homebuyer loans are getting approved and people are moving into these homes. There are not as many homes on the market as there were at the peak in November 2008, which will serve to drive the prices up.
The moral of the story is – Buy Now! If you have the required down payment (as low as 3.5%) and can afford the monthly payment (average $1,420 monthly) – do not wait.
Look to the statistics of what is occurring in THIS market (Sonoma County, Marin County, etc…). The statistics show a brisk market that is competitive and will only go up from here.
Forest Tardibuono is a CA DRE Broker with over 20 years experience in real estate and lending. His number is (707) 523-2099. See website @ sunpacmortgage.com.