According to a report I saw on TV today, reaction by some people to uncertainties about today's economy is COMFORT FOOD.
Hmmm.... yummy, I'm all for that. Bring on the ice-cream, burgers and other carbs we found comforting in childhood and still do in times of stress today. But now, what are you REALLY going to do in reaction to this market? My suggestion is very simple, and it does not include confusion, concern or regrets.
BUY REAL ESTATE!
Here's why you should be out looking at Crofton-area homes right now (as soon as you finish that ice cream sundae):
1. The world is not standing still while politicians, bankers and investors try to resolve the mess they've made. All the reasons people usually have for selling their homes are still occurring in the Crofton area and around the country - marriages and divorces, babies and deaths, lost jobs and new jobs, relocation and retirement. New listings come on the market every week for these and other reasons.
2. The housing inventory is at record high levels and you may never have so many options again. Remember 2006, when multiple buyers were literally fighting for the opportunity to buy a single house at thousands of dollars more than the seller asked? Today's market is exactly the opposite - multiple home sellers are competing for YOU to buy their home.
3. Home prices are down by 10%, 20%, even 30%. Homes you couldn't afford two years ago are within your reach now. You can probably buy a home that's bigger and better than your wildest dreams, so don't let this opportunity get away from you.
4. Mortgage rates are low. They're still hovering around 6% and, in spite of the so-called credit crisis, FHA and VA are alive and well. Most homes in the Crofton area are within the loan limits established by those government programs, so you shouldn't have any trouble buying a home if your credit is good. And frankly, that describes most home buyers in the Crofton area!
5. The world is not standing still. Yes, I did mention this before, but now I'm referring to the fact that this Buyer's Market won't last forever. That Seller's Market we saw in 2006 is long gone after just two years, and today's market will disappear, too. It is in your best interest to buy a home now, while the inventory is high, prices are down, and mortgage rates are low.
YOU DECIDE: Eat comfort food to avoid confusion, concern and regrets about today's economy OR get out and look at homes in the Crofton area now so you can buy low, sell high. It's a home buyer's market - don't miss it!
PHOTO: Istockphoto.com
Confusion, Concern, Regrets - Is That YOUR Reaction to the Market?
Copyright 2008. Margaret Woda. All rights reserved.
Copyright 2010. All rights reserved.
For answers to your real estate questions about Bowie, Crofton, Davidsonville, Fort Meade, Gambrills, Odenton and other communities in Anne Arundel County, Maryland, contact Margaret Woda at Long & Foster Real Estate, Inc. or simply click on a button below for information you can review online:
You're right about buying - don't wait until prices and interest rates go up. Give up ice cream and other luxuries and start saving for a down payment! (that's a whole lot of ice cream in my market - haha)
Margaret--Besides just think how many calories you will burn going from house to house with all that inventory out there! Got to burn off that ice cream some how! Great post!
Great ost Margaret. Buy Houses low and then SELL high! I'd love to reblog this one!!
I am agreeing 100%! If everyone want to look at the downside ...well, up to them....I say FHA AND VA are alive and well! Okay...I'm calmed down now :) Margaret...I know one thing....a positive and spunky attitude like yours is what I'm doing.
Your points are great - so the buyer should buy - and then enjoy the comfort food in their new kitchen :) I have gone back and touched every buyer that lost the opportunity in the "bubble" it is such a grat time to buy
I hadn't heard that about the comfort food effect, but I BELIEVE it. My husband owned a restaurant when 9/11 happened. He had a record month, people seeking comfort in food and company.
Margaret, real estate is much better for your figure that ice cream sundaes - especially a two-level colonial!
Margaret - That Sundae looks pretty good! ummmmm. There are some great deals in the real estate market and as you say, it is a matter of time and they will be gone.
Margaret - as they say time waits for no one and the time to be out buying is now not after prices and rates begin to rise once again.
Margaret, nice one. We've noticed some of the same in our market. As stocks and house prices drop, some savvy people are buying!
I don't even like ice cream, but suddenly I'm craving a big banana split!! The power of suggestion. Based on that...you should be getting lots of calls for people wanting to buy homes. GBU!!
OH Margaret! You are SO right! My clients and I will be stopping in on our buyer's tour for some mashed potatoes and meatloaf--now, how's that for comfort--FOOD & CLIENTS! You can't beat that!
Margaret, I'm surprised this is not feature....I so agree with you. I also find that I am not wanting to move toward comfort food personally. In fact, I am motivated to do the opposite and get fitter and more healthy! Hopefully, we will be heading in that direction on all levels. Nice post!
Margaret- You hit the nail on the head! This is a great time for the smart buyer to be looking at homes. There is a huge inventory and prices are not going to stay this low forever. The cost of money is reasonable. This is a very good window to be looking at buying. Now how can we get the message out there to the masses that are huddled in groups eating all that ice cream?
Best,
Scott
Margaret - Excellent advice. I've made a similar list but you said it much more succinctly than I did.
Aloysius - I think the important thing isn't necessarily how succinctly we say it, but that we have a list to reassure buyers and encourage them to buy now. I'll have to go looking for your list...
Scott - 'Saw Katerina's comments about you today and I just want to thank you for helping her. I think we all have to just keep saying it to buyers... BUY NOW! I truly believe it IS a great time to buy real estatae.
Margaret you are right! I am seeing great qualified Buyers coming out of the woodwork here in the Atlanta, GA market. It's a great thing. They are seeing the market for what it is, an excellent buying opportunity.