Is anyone else tired of hearing about the market? Oh, the market if only the market was better I could sell this house, that house, this homesite, this chunk of dirt, etc.
Well, I’m sick of it! I’m jumping on my soapbox today, so bear with me. Yes, it’s a buyer’s market – no surprise there! Buyers – what are you waiting for?? Do you realize that you can buy and build a home right now for thousands and thousands less than what many of us paid over the last couple years? You can instantly build equity RIGHT NOW. And, on top of it…you can do it for close to the same interest rates that the rest of us have.
I have homesites for sale in Meridian, that last year retailed and sold for $130,000. Guess what? They’re for sale now for $54,900!! It doesn’t get any better than this. I happen to be one of the people who built a new home and closed in early 2007 – I can now build the same home for almost $100,000 less due to the decrease in land, materials, labor, etc.
Buyers – stop waiting. The prices physically cannot go any lower. The builders and developers out there are at their rock bottom. When the major builders in the market say, “we’re as low as we can go”. When builders tell me all day long, “we’re just trying to cover overhead and get through this period”, they can’t go any lower. I would LOVE to be a buyer right now. When you hear of people making a ton of money on their homes because they bought 10 years ago when prices were so low, realize that you could be that person RIGHT NOW!
RENTING IS SO TOTALLY 80’s (that’s the new joke in our office). If you can put just 3% down on a home…let’s do the math folks…for a $200,000 house, that’s only $6,000; in most cases you can buy a home. Even better, seller’s are willing to help you cover the down payment and maybe closing costs. Don’t feel like you have the $6,000 – sell something. Get rid of a car, a boat, your snowmobiles, jet skis, anything to do it. Homeownership should be your biggest priority. Everything else depreciates in value, but not your home. There is so much negative press out there, but the one sure thing is that REAL ESTATE ALWAYS INCREASES IN VALUE OVER TIME – ALWAYS ALWAYS ALWAYS. You may not be able to sell in 2 years and make 50% more than you paid, but come on; that was a crazy time. There’s no such thing as getting rich quick. But…if you can start paying yourself to live in your home rather than a landlord, and you’re willing to hold on to it for 5, 10, 15 years…YOU WILL SELL IT FOR MORE THAN YOU PAID. Want to build wealth? Buy a home. Stop waiting – prices are crazy low, interest rates are going nowhere but up from here and you get a tax write off – the government of the United States pays you to own a home.
I’m so tired of hearing about the market. The smart people are buying, many of us are staying very busy working with those buyers. The “market” is great! We have low prices, low interest rates, low unemployment and one of the fastest growing cities in the country. Talk about a great market – don’t miss it, because if there’s one thing I can crystal ball in today’s world is that prices will go back up, rates will go back up, and those who bought today WILL BUILD WEALTH.
Stop waiting…start buying.
Kit Fitzgerald
kitf@redbarnrealestate.com