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Realtors Buying a home the biggest decision in most people's financial life
We are at the end of 2007, and a lot of people are wondering what would be the future of real estate, checking the market ternd showing unhealthy signals, the stock Market, the banking industries losses, the oil price, Sub prime dilemma, foreclosure record and its forecast, the housing inventory in Market, decline of Dollar value, election year, the fear of recession are these healthy signals?
Are these signs helping a Buyer to make a sound decision, let's look to one news paper titles: New Corporation Reports 13% Decline in Earnings, New York widens Inquiry on Mortgages, Bet on Citigroup Hurts a Prominent Investor; these were the titles of The new York Times on November 8, 2007 page C7/8 is it concerning buyers? Defiantly yes, and that is why some report says the sell of house in the month of October was the lowest since depression.
now with the above facts what decision a buyer should take to make the biggest financial decision in his or her life to buy a house ,and what price would be reasonable and how we can define reasonable ,considering since 1990 till 2004 the price of property went up about 400% in some markets, how much the price should come down to make it reasonable ,considering the income and rent of most properties are negative cash follows is it right to invest in Real Estate in the current market ,some prediction says anyone who buys today will suffer losses immediately and for the next 5 to 7 years , because the prices are still very far from logic fundamentals, and that is why some developer are giving up to $200 000 discount, some seller add a 2008 car model with the package!
In terms of Mortgage industries ,the final reports of losses are not out yet , but the prediction of loss for bad loans is over One Trillion dollars which is not going to be materialized. This will put more pressure on Real Estate market, because it is more and more difficult to be qualified with the new credit crunch, if we add the scenario of short sale and foreclosures, a lot of these properties will show up in Auctions, and once it sold the impact would be drive down the Comparison price for the area the house is located , and that is why people are witnessing constant reduction in their property's equity .
What should a buyer do in this market considering all the above facts ,unfortunately there is no answer to fit all ,it is situational where you want to buy ,are you planning to keep it for short or long term, what type of tax bracket you have ,but one thing you have to know there is no short time return on real estate investment in several markets ,and if you made your decision to buy now do not be shy to give the offer you feel confirmable, and only concentrate on motivated Sellers not a dreamer
Hossein Mansouri is an MBA, and write article about real estate market, you can reach him at www.adrealty.us
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