If I had a dollar for everyone that asked me if this is a good time to buy, I could retire early or at least take a nice vacation. All jokes aside, here are the facts.
- Prices across the board are still affordable
- Interest rates are still low
- Down payments are minimal
- Inventory is dwindling
So YES, it’s TIME to
BUY a piece of property. Many experts
are saying prices will continue to rise, rents will increase, and interest
rates will certainly rise over the next 12 months. Maybe they are right and maybe NOT, but WHO
CARES. Clearly, we all want a deal and
bragging rights because we bought for the lowest price and sold for the highest
profit. However, prices are rising and
now is the time to pull the trigger, worrying about someone down the street who
pays a few dollars less than you doesn’t make much sense. My dad always said, “study long, study wrong”
don’t miss a great opportunity fishing at the bottom, because you might end up
with a hand full of sand.
There are truly only
two types of buyers, owners and investors.
An owner is buying to live in the property and occupy it as their
primary residence or vacation home.
Investors on the other hand are buying with the sole intention of
selling or renting. If you are buying with the intention of selling (flipping
the property), you want to pick the property up for the absolute lowest price,
so you can maximize your profits. With
prices rising those opportunities are not as plentiful, but still exist.
Investors buying to hold (rent) properties are not quite as cost sensitive.
Every economic indicator says that rents will dramatically increase over the
next decade and renting will be in high demand. Investors that play in this
field, simply look at the ROI return on investment. If they can cash flow
monthly and have an asset that is appreciating they are happy.
So what about YOU, the
end user. Why should you BUY? Simply
because you must live somewhere and pay someone. Why not pay your own mortgage vs paying
someone else’s. Currently you can still write off mortgage interest and with
modest appreciation and this low interest rate environment you can still buy at
a great price and payment.
Don’t be that person
fifteen years from now, talking about the great four-plex that you missed out
on. That perfect dirt lot, that a
shopping mall ends up being built on, or just simply in a home that could have
over six figures of equity all because you had a failure to launch.
BUY NOW!!!
