That;s the way the radio commercial has gone for as long as I can remember. Presumably we’ve been living in some mystical endless moment of buyer advantage for the last decade?
My better half is getting the itch to buy a house (we own a condo at the moment). Pursuant to her doctrine of never discussing any financial decisions until they are a fait accompli, she talked to a realtor on her own and started the ball rolling…got printouts of some listings and so on.
The realtor is urging her to buy now because now is suddenly the best possible time to buy. The reasons cited:
Interest rates will rise soon and keep rising. Since that affects home loans, we’d get lower interest loans now.
It’s been a seller’s market for years. Buyers had a hard time making offers and competition was fierce. Now that’s momentarily not true, and listings are languishing, giving sellers the incentive to consider slightly lower offers.
We live in the superheated housing market of Northern Virginia. Prices are only going to rise.
I realize this is going to be a matter of opinion more than empirical fact…but are both those things more-or-less true?
We paid off all debt about a year and a half ago, and were working on a 2-year plan to restore our credit before re-entering the market. The call to the realtor came before the anticipated “sit down and assess where we are” session, and I feel like we’re shortcutting and rushing the process.
But according to this realtor, who of course stands to make a lot of money if we buy, the pressure’s on and we should rush to buy.
I admit I’m not just skeptical, I’m feeling a bit railroaded. So I’m aware my response so far hasn’t been based on the acts of the market or anything.
What do you Dopers think about buying now?