FireDream

It’s a Buyers’ Market; Don’t Drive by the Perfect House

What would you do if today, while you were out driving around town, you saw a station open for business and advertising its gas for $1.99 a gallon?  There’s an open pump, and you’re running low on gas.  Would you drive by thinking that you’d find a better price on the next block or would you swerve in, fill up your car and then call every friend and family member around to take advantage of the deal?

If I would have posed this same question two years ago, you’d probably have taken the drive-by option.  Today, however, you’re going to leap at saving $2 a gallon, knowing that it’s an offer that’s just not going to last.

Now consider the U.S. housing market.  A couple of years ago, housing prices were constantly climbing and folks were snatching up houses as quickly as possible-whether or not they could afford them.  They were lining up at the proverbial housing pumps, even though interest rates were climbing and they weren’t getting the kinds of homes that they even wanted.  Now, prices have fallen, interest rates have fallen, more great houses are available…people aren’t buying.

Given the negativity permeating our news, I guess I can understand why people are a little hesitant to buy houses.  But as someone who’s been in this industry and seen its many ups and downs, I’m encouraging my friends and family to take advantage of this buyers’ market.

For the first time in years, buyers can find homes in great neighborhoods at favorable prices.  They actually have time to look for the kind of home that they’ve been wanting: three bedrooms, two baths, huge garage-whatever.  Buyers are now driving the market in many areas-making it the best time to be one.

Now I’m not saying that everyone should leap willy-nilly into home buying.  Like I’ve said before, it needs to make financial sense, and it should be something that you look at as a long-term commitment, and not just as an investment or “flip” (although some great investment properties are available).  But if you anticipate staying put for a few years, if you like a home and the area it’s located in and if it’s in your price range, why would you “drive on by” thinking that you’ll get a better deal later?  The market will recover and home prices will begin to climb again and, most importantly, you’ll be living where you want to live.

Trust me, there are people out there that are not going to drive by.  They’re looking for the same great things in a home that you are, and they will take advantage of the low prices.  Now the question is: will you beat them to the punch?