It's a great time to buy!
... a home in Charleston (or Charlottesville). I noticed a wonderful post by Jim Duncan, eye catching headline and all. Jim talks about a couple who just relocated and bought a home, are renovating and can't help but watch the shifting (and sometimes unnerving) market.
"But in the grand scheme of things, it doesn’t matter. They bought the house to live in, to raise their children, to make memories. They didn’t invest in an ATM; they’re not getting a HELOC to finance their burgeoning real estate investment club, and I suspect they won’t be pulling money out of the house to buy a new car to keep up with the Jones. They bought a home, a concept that has been both forgotten and denigrated because the word “home” has been bastardized by those seeking to sell, sell, sell. If you’re looking to buy a home - somewhere to live, somewhere to come home to at night and wake up in the morning, raise your kids, have dinner parties, watch TV … you may want to consider buying right now." Read more.
I'd like to emphasize a couple of points that Jim makes.
- Prices are declining. Interest rates are ridiculously low. Sellers are motivated.
Do not let fear and emotions control your decision making process.
If you have cash for a downpayment, a stable job, and are intending to stay put for four to seven years, consider buying now.
Thanks Jim, well said.