Is Now A Good Time To Buy?
We can't predict the future consistently. Everyday is different and unexpected things happen. But people will continue to get new jobs, get married, have kids, downsize, etc. Some of our life's biggest moments involve buying a home soon before or after the big event. Couples often buy a home before or after they get married or before or after they have kids. A lot of families sell their existing home and buy a bigger home for their growing family or older parents sell their bigger home for a smaller one when the kids move out. Often a sale of a home is not long before or after these life events.
If you find the right house for a great value and you are in one of these situations make the buy. A home can be a financial asset or liability depending on the situation, but it is can also be an asset for your well being. When you own your own home and you make it how you want, it just feels good. When it appreciates in value that is great, when it goes down in value that isn't great, but your home can still be an enjoyable place to be during the down market. If it makes your life better, then how much is that worth?
There are always opportunities in the market if you know what to look for. When the market crashed in 2008 there were a lot of great deals by 2010-2011. Hundreds of foreclosed properties in Minneapolis for 30-75% less they were priced at just 2-5 years earlier. A lot of people were scared to buy, but there were also a lot of people that took the risk and bought. They saw the opportunity and they bought for a good price. Now their properties might have gone up 400% over the course of the last 10 years.
We could see more deals coming to the market. I think some sellers are going to want to get out right now. There will be buyers that will hold off buying and will be more particular about what they want. We don't know what will happen, but we just have to be ready.
So if you are buying now stick to the fundamentals. Buy a great home, in a great location, for a great price. Know what you are looking for and you will be ok. If you need representation in your search give me a call.