Is now the right time to buy a home?
Jun 2011 02

Is now the right time for you to buy a home?

I don’t know. Do you think it is? What are your goals in buying? More room? Better location? Or is it economics? Low interest rates? Rising rents? Do you want to stop paying money to a landlord? Do you want to use your home as a long-term investment?

When you read national and local news stories, they tell you facts. What they can’t help you with are your personal feelings, your needs, and your desires.

I’ve moved when I needed to; I bought for the first time in 2003 and sold and bought again in 2006. I had the money necessary for the down payment in 2003 and we wanted to move to a different neighborhood in 2006. Those are the main reasons we moved.

Here’s some advice from a recent column on whether to buy or not. It’s actually directed toward the news media, calling them to task fro being too “formulaic” in its coverage of the local and national real estate market, but it applies to buyers, too.

Be wary of predictions from people who have a vested interest in the market. We have enough of that in campaign coverage, with people spinning poll numbers to portray their candidate in the best light.

Realize that anecdotes don’t mean much when reporting on a single measure of a complex, shifting market. Maybe an agent is doing well because she sells entry-level homes, which are doing better than the overall market. Or perhaps she specializes in a part of town that has been more resilient.

More: How formulaic housing coverage fails to serve home buyers and how it can be done better – By Steve Myers, Poynter.org

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