Question 3: Is now a good time to buy? Or sell?
the deal with real estate. I've said it before and will say it again.
Real estate is a really bad way to get rich quick. That's because there
is no good way to get rich quick. Unless you win the lottery or strike
oil in your backyard, you'll probably have to go about acquiring wealth
like the rest of us: slow and steady, saving and risking what you
save. Real estate is a good LONG TERM investment. With inflation set
to perk up, real estate is looking better and better as a LONG TERM
investment. There are many many other blog articles to come on this
topic, but here is my answer to your question, is now a good time to buy
or sell? Prepare for it, it's really exciting... MAYBE!
a great time to buy if you have your "ducks in a row", i.e.
pre-approval from a lender, an income stable enough to take on a
mortgage, some wiggle room in your budget to pay for home expenses
(because the buck stops with you if your house needs repairs!), and in
this market, perhaps most importantly, wiggle room to account for the
impending rise of interest rates when you go about re-financing once
your mortgage term is up.
If you're thinking of selling, there
are a few good times to sell: 1) your needs have changed - either
location, size, style, etc. just don't work anymore - if you can afford
it (see above), there's no time like the present to help your family be
more comfortable. There are very few buy/sell scenarios where waiting
does much more than further your discomfort. Unless change makes you
uncomfortable, which would explain why many people think waiting is such
a good idea. 2) you're an investor and it's time to "cash in" and move
to Mexico - well yes, then you might just need to sell off some of
those investments now, won't you.
Stay tuned for the answer to the final question in this series, Question 4 (Should I rent or buy?)
If you have any questions, please call me anytime! Everyone's situation
is different and I'd love to help you with whatever your real estate
- Sara Kalke
On Twitter @sarakalke
On Facebook at http://www.facebook.com/sarakalkerealtor