I fully understand that many agents feel that if all real estate professionals talk about the market being great long enough, people may start to to believe them and actually buy a house or two. My opinion is that this false-sense of market security is backfiring on the profession. A client recently asked me, "Do real estate agents EVER say it's not a good time to buy?".
The reality is that the economy is not good. The real estate market is pretty dismal. History tells us that this slump is not going to go away in a few weeks. It may take years. That's reality.
It's also the reality that shelter is a basic necessity in life. Food, water and shelter. So, even though someone may not WANT to buy (or rent) a home, they HAVE to.
So, the answer is no. It is not a great time to buy a house. The market stinks. HOWEVER.....
1. The tax benefits to owning a home are still intact.
2. If a buyer is patient, not picky and chooses a well educated, experienced negotiator as an agent, they may be able to get a fantastic deal.
3. Interest rates rock right now - if you have good credit.
4. Sellers will pretty much give you the sun, moon and the stars if you will buy their house. If they won't, their next door neighbor probably will.
5. If a buyer can get a house at a good enough price, they may be able to ride out further market decreases without losing their arse.
My answer? It's not a good real estate market. But, if buyers are careful and work with an agent who guides them correctly, they can obtain a necessity in life for a great price.
Tina in Virginia
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Tina Merritt and her Associates. can be reached at email: tina@nestrealtygroup.com or 757-287-6338.
Our Network consists of both buyer and listing specialists helping buyers and sellers in Southeast Virginia, Hampton Roads, Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Isle of Wight County, Hampton, Newport News and Poquoson, Virginia. In Southwest Virginia, the New River Valley, Blacksburg, Christiansburg, Radford, Pulaski, Dublin, Floyd, Narrows, Pembroke, Pearisburg, Glen Lyn, Rich Creek, Check, Hiwassee, Indian Valley, Parrott, Newport, Shawsville, Pilot, McCoy, Long Shop, Fairlawn, Wythe, Draper, Willis, Sowers, Elliston, Eggleston, Ironto, Riner, Auburn, Rogers, Giles County, Montgomery County, Floyd County, Pulaski County.
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