“Hi Gary. My wife and I want to buy a home here in San Diego. We’ve been sitting on the sidelines, watching the market, watching what prices do. We’re really seeing much cheaper prices on homes lately. Do you think the timing is right to buy a home now?”
***ANSWER:
Excellent question, and probably the most common one people ask me.
Now let’s first lay my cards on the table. No secret to you that I’m a full time Realtor, (not just a guy who writes newsletters). And, whatever the market, the mantra of everyone in the biz is that it’s always a great time to buy a home.
That being said, I DO think it’s a pretty darn good time. Here’s why:
1. Prices are DRASTICALLY lower than their late 2005 peak, down by 5% to 20%. So if you ignore the unrealistic sellers trying to sell for 2005 prices, you can get find some great deals.
2. Many sellers will pay your closing costs to help you buy their home. We’re talking $5,000, $15,000, even $20,000 in savings.
3. We’ve seen a clear jump in activity since November. I now get multiple offers on 1 of 4 homes I list. While this has not pushed prices up (good for you), this increased demand is supporting prices and may signal that we’ve hit bottom. And isn’t that the best time to buy.
So there’s my only slightly biased answer to your question.
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