It is the first week of December, 2009 and that means one thing to me at least. It means that people are starting to think about buying and/or selling homes in the Spring. Now is the time when people really start to talk about these things in earnest, so here is the thing: if you’re thinking about buying a house, it’s a great time to buy! Just kidding. It could be depending on what your goals are.
It could be a really smart time to buy a house or two if you’re an investor. I do think that this is one of the best times to buy a house or houses that we may ever see from an investment point of view.
But if you’re thinking about buying in the Spring:
- now is the time to start researching.
- Drive through neighborhoods, see how they’re decorated if that interests you or if it disinterests you. It’s good to know what you might be getting yourself into.
- Start scouting things out, ask questions, search for homes and find a realtor (I am one) and start looking for vacant houses so you have a feel for what you’re going to see come Spring when houses come on the market.
- Prices now are starting to moderate even more. We’re starting to see homes come on the market now seem to be priced more in line with what they should be and sellers are becoming more realistic. So I think that, granted we’ve been saying that for a couple of months now, if not six to nine, but it is true. So in short, if you’re thinking about buying a house in the Spring, start looking now. Start interviewing buyers agents, ask questions, because when you’re talking about interviewing buyers agents, you’re really talking about spending a lot of time with somebody who is hopefully going to be someone you like, trust, and is a professional who is experienced. In my case, the Charlottesville real estate market. So that’s it.
If you have any questions, give me a call or an e-mail.
Update 16 December 2009: If you’re just starting to search for a home in Charlottesville, please take a look at these two stories, which have proven to be excellent resources for my clients.
Best headline of the year? – If You Don’t Buy a House Now, You’re Stupid or Broke
Well, you may not be stupid or broke. Maybe you already have a house and you don’t want to move. Or maybe you’re a Trappist monk and have forsworn all earthly possessions. Or whatever. But if you want to buy a house, now is the time, and if you don’t act soon, you will regret it. Here’s why: historically low interest rates.
As of today, the average 30-year fixed-rate loan with no points or fees is around 5%. That, as the graph above—which you can find on Mortgage-X.com—shows, is the lowest the rate has been in nearly 40 years.
In fact, rates are so well below historic averages that it should make all current and prospective homeowners take notice of this once-in-a-lifetime opportunity.