Home > Local Market > Buying For All The Right & Wrong Reasons

If you think NOW is a GREAT Time to Buy Real Estate, you are right! If you think NOW is a HORRIBLE Time to Buy Real Estate, you are RIGHT too!
I cannot convince you one way or the other. You just have to make the best decision for yourself.

Here are ALL the RIGHT Conditions:

• Interest rates have been at an all time low.
  I've seen interest rates as attractive as 4.75% for a 30-year note and 4.25% for a 15-year note on an A paper loan. Off and on, interest rates fluctuate up and down, but overall, we have known to see some of the historical lows. Back in 2004 when I thought 5.25% for my 30-year mortgage refinance from its original 8% in the year 2000, I'd never see rates lower than that. I guess I'd never say Never again.
• Real estate prices have been shockingly low.
  It seems that It seems that real estate prices have been driven by business decisions of banks and foreclosures. Some properties that were purchased for $400,000 back in 2006 in McKinney Texas - a neighboring city east of Frisco Texas recently sold for $315,000 in September 2008. Relocation companies who handle employee transfers end up holding real estate that accept the first offer that comes along the way. Regular sellers are left with following the crowd or end up not selling. Either circumstances, buyers benefit.
• Uncle Sam congratulates your buy with $8,000 tax credit for first time home buyers.
  In case you didn't know, you can now file for your $8,000 first time home buyer tax credit for your home purchase from January 1 through November 30 2009. Read more about the $8,000 First time home buyer tax credit.
• Tax benefits of homeownership.
  Even if you don't qualify for the $8,000 first time home buyer tax credit, there are still tax benefits for the rest of us. Property taxes and mortgage interests on your personal residence are used to offset your income. During the year of purchase, some of your closing costs are tax-deductible items also.
• Emotional pride of homeownership.
  I remembered the first thing I did when I bought my first home was to paint the walls - just because I can! I didn't have to ask the property manager if it was okay. I planted a rose here and I dug a pond there. There's nothing like a place call Home!

Here are ALL the WRONG Conditions:

• The job market is uncertain.
  Not sure when it's your turn. In the mean time, you are preparing for the storm.
• Real estate prices could drop even more.
  There is no guarantee that your Frisco TX home that you would purchase today for $200,000 could be worth $190,000 in the next year or so. There had been evidence that homes purchased in 2004 for $245,000 are worth about $225,000 now. History may repeat itself.
• Bought the "wrong" house facing the "wrong" direction in the "wrong" neighborhood.
  What if you did just that since bad things almost always happen to you anyways?

Here are ALL the RIGHT reasons:

• Homeownership is right when you are financially ready for it.
• Homeownership is right when you are emotionally ready for it.
• Home is a blessing. It shouldn't be your curse.

Related Articles:

• Are You Ready for the Perfect Frisco TX storm?
• How is the Frisco TX Homes Market Doing?
• The Real Hard Truth about Homeownership
• When Foreclosures Hurt
• True Cost of Homeownership