{"id":3004,"date":"2008-04-22T04:21:38","date_gmt":"2008-04-22T11:21:38","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3004"},"modified":"2008-04-22T08:39:48","modified_gmt":"2008-04-22T15:39:48","slug":"is-it-a-great-time-to-buy-or-just-a-great-time-to-be-a-buyer","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3004\/is-it-a-great-time-to-buy-or-just-a-great-time-to-be-a-buyer\/","title":{"rendered":"Is It A Great Time To Buy, Or Just A Great Time To Be A Buyer?"},"content":{"rendered":"

I\u2019ve said it my self hundreds of times in the last 12 months \u2013 it\u2019s a great time to buy.\u00a0 How could it not be a great time to buy \u2013 tons of inventory, prices have come down, interest rates are still low \u2013 of course it is a great time to buy.\u00a0 Or is it?\u00a0 Whenever I shout \u201cit\u2019s a great time\"house\"\u00a0to buy\u201d in a particularly loud fashion (generally quoted in the local newspaper), I get an e-mail from some intelligent sounding person saying, \u201cno it isn\u2019t.\u201d\u00a0 Here let me give you the latest example that was spurred by a front page story<\/a> on a local promotion to promote first time home buying:<\/p>\n

(unedited)<\/p>\n

Let me see if I have this correct:<\/em>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em>House prices are falling;<\/em>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Houses are not selling at a rate which will support<\/em>realtors, because no one wants to buy a depreciating asset;<\/em>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 So, realtors want to sell more houses;<\/em>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Therefore, they target first time buyers, who<\/em>presumably know the least about the pitfalls of homeownership and are the most likely to try to \u2018catch a falling knife.\u2019 <\/em>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The lines they use in their propaganda are the same<\/em>used nationally in every newspaper article on housing which publishes a realtor quote, to-wit \u201cnow is a great time to buy,\u201d or \u201cit\u2019s a perfect storm.\u201d<\/em>Why do I find this reprehensible?<\/em>\u00a0<\/p><\/blockquote>\n

In case you did not read the story I linked, just suffice it to say that we are doing a major local promotion to educate new home buyers on the new issues with financing and promoting them to purchase a home from the massive inventory.\u00a0 Self-serving, yes, but there are also great benefits for sellers, mortgage bankers, others in the real estate business, and for the general economy.\u00a0 Locally, people look to us to lead and that\u2019s what we are doing.\u00a0 Fortunately, our local economy is insulated from the national issues that are present in other areas.<\/p>\n

The real issue in this rant is the claim that it is NOT a good time to buy because \u201cno one wants a depreciating asset.\u201d\u00a0 Of course every market is different and prices have fallen here in Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019ve said it my self hundreds of times in the last 12 months \u2013 it\u2019s a great time to buy.\u00a0 How could it not be a great time to buy \u2013 tons of inventory, prices have come down, interest rates are still low \u2013 of course it is a great time to buy.\u00a0 Or is […]<\/p>\n","protected":false},"author":35,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,10],"tags":[],"class_list":{"0":"post-3004","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","7":"category-realty-reality","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10351,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10351\/another-25-ouch-thats-going-to-leave-a-mark\/","url_meta":{"origin":3004,"position":0},"title":"Another 25%? 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Too soon to say, but prices edged up slightly on sales that were stronger -- even if they are still slow -- in the August edition of the BloodhoundRealty.com Market-Basket of Homes. Average prices for Market Basket homes in August\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/324\/republic-year-over-year-median-prices-down-in-some-areas\/","url_meta":{"origin":3004,"position":4},"title":"Republic: Year-over-year median prices down in some areas . . .","author":"Greg Swann","date":"September 12, 2006","format":false,"excerpt":"Here's the Republic's read on yesterday's housing numbers, a much more dire interpretation:Valley home prices dipped again in August, even falling below last year's levels in some areas. 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