I am often asked “When is the best time to buy?” – (For Buyers)
The best time to buy is when you have a need to fulfill and after consideration of your finances. I would suggest a discussion if needed with your CPA or Tax Advisor.
I do understand that the real question is wanting a desired answer as to whether we are at the price bottom of this real estate cycle. I have said throughout the years, “You never know where the bottom is until it’s gone.” We have provided Life at the Beach since 2007 to ensure you are kept abreast of the trends.
This might be the most historical real estate cycle we have found ourselves in. Another year behind us in the 7 years of downturn and recovery. 2013 is positioning itself to be the year of stability and Boomerang Buyers. In January I will have the 2013 year in review which is going to show this cycle, how far back areas declined in value, and where we are today comparatively.
Here are some things to consider when purchasing on home today:
Inventory Is Decreasing
The supply of homes on the market is starting to decrease. Some areas along the Emerald Coast have returned to a Seller’s Market.
For example, Niceville has seen a steady decrease in inventory over the last 3 years and a 4% increase in the average sales price year over year during this time period. With the school system being one of the top in the state, available waterways, proximity to the beaches, military bases and the interstate, Niceville is poised to remain as one of the most desirable areas to live in.
If you see a home or investment you like, I would not hesitate as we are back in multiple offer situations. With short sales and foreclosures almost non-existent, the demand for investments has increased.
The desire for residential properties mirrors this as well. The best homes in the best locations at the best price sell the quickest. Don’t miss the chance to own the home of your dreams or your get-away to the beach!
You Are Already Paying A Mortgage
If you are currently renting a home you are already paying a mortgage. It may not be a mortgage to assist you in creating your own personal wealth, but you are paying someone’s mortgage for them.
With rising rent costs it might be better for you to buy.
For many renting it is due to the years behind us of the real estate downturn. This is what I’ve written about before known as the Boomerang Buyers. You may be ready to get back in to owning again and not realize it.
A recent study I read stated the net worth of the average homeowner is 30 times greater than that of a renter. Contact your financial planner or lender to see if you can qualify for some of the programs now available to own again. I can provide contacts as well if needed.
When Is The Best Time?
I can’t answer if it’s the best time to buy for your needs. However, I can provide data that shows an upward trend. We all want to buy low and sell high. The trends show that now might be the perfect time to buy.
The latest Life At The Beach newsletter went out this morning.
Sign up below or contact us to get on our newsletter list so you can receive it every month! It’s FREE!
As 2013 ends I want to let you know how honored and blessed I feel to hold your trust in me as your Realtor of choice. I am a phone call, text, or email away and ready to help, provide information or answer questions. I enjoy the opportunity to visit with you about real estate.