Professional Real Estate Advice
||October 25th, 2007|
Is Now the Time to Buy?
As speculation about a declining real estate market continues to fuel an endless number of magazine articles and television segments, several local real estate companies have managed to focus on the more positive aspects of the current market.
Now, they say, is a great time to buy. Real estate prices have dropped to an historic low and some real estate offices are reporting the first signs of a rebounding market.
Al Chamberlin, long-time financial guru and television personality, points out the San Diego County, and North San Diego County in particular, is ideally situated to rebound more quickly than much of the rest of the nation.
Donna Davis, a local realtor with Prudential of Escondido, has high hopes for a quick turnaround. She’s agressively marketing and promoting the properties she has listed and is finding a optimistic sellers who are happy to list with her.
“While others put on their ‘doom and gloom’ hats, we just continue to work the real estate market, showing properties, finding qualified buyers, arranging financing, and putting deals together,” she says.. “Our buyers are delighted with the prices they are paying and the product they are receiving for their investment. Beautiful homes at prices that, we think, represent a wise investment with a great opportunity to grow . . . and sooner, rather than later.”
Located on the coast, in Oceanside, another real estate firm that has also taken a more positive view of the real estate market; it has managed to focus on what really matters-home ownership Oceanside Assist-2-Sell First Choice Discount Realty, recognizes that current conditions may pose a challenge for home sellers. But these same conditions represent a great opportunity for would-be homeowners.
Steve Coykendall owner of Assist-2-Sell First Choice Discount Realty is happy to see consumers getting a second chance at homeownership: "A year ago, many of the people we talked to were kicking themselves for not buying a house sooner. Prices were rising so high so fast. Inventory was scarce. Homeowners saw the value of their homes skyrocket. They were in the driver's seat when it came time to sell. And a lot of people were willing to pay the high prices because they thought home values would continue to skyrocket. But there were a lot of other people who simply couldn't afford to buy a house in North County It's different now."
Investors who were buying houses because they wanted to make a "quick buck" flipping have retreated. That leaves the people who want to buy a home to live in, not just as a good investment. Assist-2-Sell First Choice Discount Realty works closely with homebuyers to help them find the perfect house-the house that makes them say "Ahh. This is home." when they walk in the front door.
Both Donna Davis and Steve Coykendall agree that there aren't as many people buying homes today so overall demand is down. That puts homebuyers in the driver's seat. When demand returns-and it will-home prices will rise."
Coykendall also points out, "consumers who are waiting for home prices to fall further may be disappointed. Home prices in North County may have fallen from 2006, but they are higher than they were before the real estate 'boom.' Last year's home price declines can be attributed to the normalization of a 'frenzied' real estate market and to home sellers pricing their homes based on actual value, not on what the market was willing to bear 2-3 years ago."
There are some other factors that may make buying a home in 2007-2008 a smart choice:
• Large housing inventory means more of a selection to choose from
• Mortgage interest rates remain low
• Home prices are lower
• Some sellers are offering buyer incentives, such as help with closing costs or down payments
• Tax benefits that are unique to homeowners continue to make real estate an excellent investment
To discuss these and other positive aspects of buying real estate today, you may wish to call:
Donna Davis, Prudential Realty,
Steve Coykendall, Assist-2-Sell First Choice Discount Realty, 760.722.9909.