Is this a good time to buy?
Is this a good time to buy? That's what I get asked every day. My short answer is: If you are purchasing a condominium as your principal residence, this is an excellent time. I've seen prices weaken 15% or so in the past year on standard 1BR units. Some sellers are anxious and are pricing their property accordingly. Take advantage of it now!
The economy in the Washington area is very strong and interest rates are quite reasonable as of the date I'm posting this. If these factors hold steady, then I believe we're close to the bottom of this "buyer's market." Especially if you're buying for long-term hold (such as a principal residence) it makes sense to JUST DO IT. Trying to time the market just right is a fool's game. Wait too long and suddenly you'll find you missed the bottom. I have many clients who felt that properties were overpriced in 1995. They are still renting today and missed out on hundreds of thousands in appreciation. The rate of appreciation on homes in the DC area during the last 20 years is . . . 7% per year. It's like having your cake and eating it too. For all intents and purposes, the owner of a home here lives for free compared to a renter.
Is it possible to lose money in real estate? Of course! Take it from someone who has done it with regularity. But the long-term trend is relentlessly upward.
There are some nice deals to be had out there right now. Take advantage and don't let the Washington Post scare you into inaction. Remember, by the time the Post announces that a Buyer's Market exists, it's probably close to being over . . .
I welcome your thoughts!
Thanks,
Tom Meyer
posted by Alexandra @ 2:22 PM
3 Comments:
Selling your condo yourself?
We all know that Realtors are "expensive." Long before I ever thought of becoming an agent, I bought my first home with the help of an agent (who did a marvelous job), but then sold the home on my own in order to save money. I spent many hours reinventing the wheel, paying for things that would have been included had I used an agent, holding open houses and sweating over the details that I didn't understand. And I got VERY lucky. I finally sold my home to a friend of mine. But I probably sold it for $10,000 less that what I would have gotten on the open market. Did I save money? Maybe a bit. Would I do it again? No Way.
Realtors have something very, very powerful that makes it worthwhile to hire one - that is participation in the multiple listing system. It is hard to overestimate the power of giving 14,000 agents in Northern Virginia access to the information on your property. The newspaper can't take its place, the internet can't take its place, nothing you can do can take its place. If you are selling your property, the single best way to gain maximum exposure is to have it in the multiple listing system.
Of course, there are services that will list your property for a low fee and stick it in the system for Buyers' agents to find. Is this a good deal? Well, that's a topic for another day.
Later,
Tom
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