A question on the mind of many future home buyers is whether or not they should buy PGA West Stadium Course real estate now or wait. I suspect it's a fair question. Nobody knows if the real estate market has hit bottom yet. You might buy a home now, and then half a year down the road realize that your loan amount is higher than what the home is worth.
On the other hand, you might be buying at the opportune moment as the market could actually be at the bottom with nowhere to go but up. Does any person know for sure? Not really. Pros can make educated estimates and speculate one way or the other, but no-one actually knows. So what is the answer? Personally, I believe waiting is of no benefit.
Historically, the real estate market has always encountered periods of price volatility, but generally home values have appreciated at a steady speed. Hence there isn't any question that prices will go back up in the long term, it is just a matter of when. Conventional wisdom would suggest that waiting would probably be the smart approach, but then how often is traditional knowledge right on the cash?
Not fairly often. I for one believe that waiting is purposeless, and that if you are financially ready to buy home, go for it “forget what the market might do from this point.
According to many real estate news publications, it is now less expensive to buy than hire in most major cities in the country. Everyone (or many of us anyway) has to pay to live somewhere, so if you are already renting, why not pay a mortgage instead with no regard for where the market is headed in a short term?
Not only will you be coughing up less, but you'll be making loan amortizing payments on your place instead of helping to pay down somebody else’s mortgage. Sure, you might find yourself the other way up on your home loan if the market continue to tank, but which has no bearing on your monthly payments.
Although it is uncertain which way the market is presently heading, current home prices are far lower than they were a few years ago, and purchasing now will certainly put you in your brand new place at a deal. Mortgage rates are at historical lows, adding even better value for your buck.
Even though you make a decision to wait and prices keep on dropping, you won't know when the market hits bottom until after costs begin to climb up again. By the time you make your way into a home, costs could have jumped back up to their current levels, making your decision to attend a waste of your time. Time where those rent payments might have gone towards clearing your loan – not to mention the chance that rates will begin to go up also.
I honestly think that waiting to buy a home isn't as smart as traditional knowledge may prefer people to believe. As it is, the real estate market is brim-full of bargains. All things considered, waiting any longer simply doesn't make for a smart plan.
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