Home > Buying a home, HOUSING DATA, NEWS > It is NOT a Good Time To Buy A House!

It is NOT a Good Time To Buy A House!

IT’S A GREAT TIME TO BUY —  OHHHHMMMMM

IT’S A GREAT TIME TO BUY— OHHHHMMMMM

To quote one my heroes, Simon Cowell,  “I don’t mean to be rude but….” SHUT UP ALREADY!

Yes prices are low!  Yes Interesting Rates are historically low!  Yes there’s a ton of housing inventory!

So let me qualify my opening about why everyone should not be jumping on the bandwagon and grabbing up some of the low-priced inventory with the low-interest rates.

It goes back to something that has been mercilessly pounded into our collective consciousness over the last 50 years.

REAL ESTATE IS A GREAT INVESTMENT!!!!

For many years, this was true.  In fact if you search through my blog archives you’ll find that I have taken my turn at chanting the mantra. If I were a politician, I might be called a flip flopper.

Right now – it’s NOT a great investment.  Sure we’d all love to silently hope that the RE Market is going to “cycle back to normalcy” tomorrow – or next month, or next year.  Another Cowelism – “If I’m being honest..”  there really aren’t any indicators that home prices are going to “bounce back” anytime soon.

Of course no one really knows exactly what the future brings and I’m by no means an economist but I continually read just about everything that’s out there on this subject and nothing has convinced me that you can buy a house now and watch your investment grow.

One of the things that makes me believe this has to do with the next “wave of foreclosures” that is coming in the next 9 – 18 months.

So, if that’s the case, you might ask, why did I just spend several hundred dollars and renew my Realtor’s License?

Fact is, there are people who should and will be buying homes and with the market as complex and dynamic as it is right now, those people need a guide like me who knows the ins and the outs so they can make it all the way from their current home to the next as gracefully and smoothly as possible.

So who is it that should be buying?

Glad you asked.

There is only one valid reason to be buying a home right now – if you are looking for a new place to live and plan on staying there for some time. For those people it’s a great time to buy for all the reasons above (low price, low interest tons of inventory).

So what I’m suggesting is this: Be honest with yourself. If you need a new place to live in Connecticut – give me shout and I WILL  help you find it.   If you are thinking that you should buy a house because conventional wisdom has been drilled and drilled that it’s a good investment, you may want consider buying gold.

It IS a Buyer’s Market.  That merely means that there are more sellers than there are buyer’s – it’s just supply and demand. It doesn’t mean that everyone should be buying just to buy.  If you need a house, you can get a great value – a REALLY great value – but think about the house as place to live, not as a way to make money.

Right now in Northern Fairfield County, CT there are more than 2000 Single Family Homes and Condominiums listed for sale.  They range in price from the low $100,000’s to more than $8,000,000.   So there are a lot of options.  If you have a valid reason to purchase one, I’d be excited and delighted to help you sort it all out.

———-

Rick Schwartz,   REALTOR

Homes for sale in Danbury, Bethel, Brookfield, Newtown, New Fairfield, New Milford, Ridgefield and Redding CT.

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