It's a great time to buy a home now
... and before you say isn't that something like that famous ad from the National Association of Realtors (NAR) from a few years ago or like that typical spin the NAR seems to put on not so great monthly statistics, there have been several articles in the mainstream media suggesting that now is the time to buy a home.
First, let's deal with the bad news. On a national basis, Case-Shiller confirms a double dip, the economy is sputtering and the "shadow inventory" of foreclosures is due to come on the market for at least several years (OK, well, that still hasn't happened yet).
On the other hand, we've been much more fortunate here in the Charleston real estate market with a good job producing economy and much more stability in the housing market. People are moving here and that's good for housing.
The bad news for Charleston real estate: too much inventory pressuring prices and it's a lousy time to sell (if you have to).
So why is it a great time to buy a home now?
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Factor in low mortgage rates and lots of motivated sellers and there are some great deals out there not only on the selling price of the home but the monthly cost of owning a home.
And it's important to remind you of the most important reason of all. A home is not just a financial investment, it's a place to live in and enjoy and create memories for your family.
And if you have to sell in order to buy, it's not really all bad news. If you sell low, you can also buy lower so it's basically a wash considering that in the "good old days" of the real estate boom, you may have sold high but bought even higher.