New home buyers…if the dismal news on the housing market has you waiting on the sidelines or trying to time when we’ll hit bottom, you may want to rethink your strategy about buying a new home.
The fact is, even the economists have a hard time agreeing on when the U.S. real estate market will hit its low point. Many financial analysts think we could experience at least two more years of depreciating home values.
Trying to time the market, be it the stock market or the housing market, is a difficult task - and depending on your local environment, it may be an unnecessary gamble.
“Real estate is local,” says Delores Conway, director of Casden Forecast at University of Southern California’s Lusk Center for Real Estate. She points out that for those looking to sell or buy new homes in their neighborhoods, what signifies the bottom for the country may be inconsequential.
Some communities across the country have not experienced a downturn in their local real estate markets; while sales have slowed considerably, home values have held stable or even increased. Home prices in other markets may not be at their lowest point yet, but they may not drop too much further.
With mortgage interest rates historically low, a large inventory of both new homes for sale and resale properties to choose from, and less of a chance you’ll end up in a bidding war over a sought-after property, the time just may be right to buy a new home. Still, buyers need to be informed about what’s happening in their local communities and evaluate their personal financial circumstances.
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The Author: Sandra Tuell Website: http://www.newhomes.com About: As weblog author for Homes Advisory, the blog for New Homes Realty, Inc., Sandra Tuell covers topics that run the real estate gamut, written expressly for the home buyer. On the blog, home buyers will find practical information and advice on preparing their existing homes for sale, enlisting the services of a buyer’s agent, searching for new homes, making an offer and closing the transaction. Sandra regularly presents real estate news from the perspective of how events will impact home buyers and the real estate industry in general. Trained as a journalist, Sandra stepped into the real estate industry as an accredited home staging specialist, interior arranger and color expert. Since March 2007, Sandra has researched, commented on and explored happenings in the real estate industry, including home building, home mortgages and financing, real estate investing, and the economy. With a passion for all that is pertinent to the design, comfort, livability and marketability of the home, Sandra also provides tips and insights for homeowners who wish to maximize the potential of their personal spaces and turn their new houses into homes. For the past four years, Sandra has operated her own interior arrangement and home staging company, Roomscapes, servicing clients in Pinellas County, Florida. Previously, Sandra worked in the corporate world as a marketing professional, applying her creative energy in a variety of roles including advertising, promotions, special events planning and web content creation. Her current position as a writer for New Homes Realty allows her to bring together her love of design and her educational training as a journalist. "It's really the best of both worlds," says Sandra.
This entry was posted by Sandra Tuell, on Friday, June 20th, 2008 at 10:35 am and is filed under Buying A New Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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