Why is today the right time to buy?

Question

Hi BP,

What makes today a great time to buy real estate?

What makes today a bad time to buy real estate?

In my opinion, what makes today a great time to buy is low interest rates and the ability to lock in a 30 yr. fixed rate mortgage in an environment where dollars continue to be devalued... But, I think what makes today a bad time to buy is housing prices adjusted for inflation are overpriced if you look at a historical trendline.

Let me know what you think!

Theresa Harris · Answer

If the numbers work and you are holding it for long term, should the prices drop...just keep it until they go back up.  Rates are low and if your rent covers everything and you cash flow...buy now.

Alecia Loveless · Answer

@Andrew Curro I’ve been following my local real estate market for years. It is composed of maybe 8 small towns in a 30 mile radius. Over the years I have seen property come and go and often thought either that’s a good deal, I should buy that or wow that’s expensive who’s going to pay that?

But sometimes something has held me back, timing, money, other things in life from buying something and down the road I’ve realized I really missed out. And often those properties I thought were overpriced end up selling for close to their list price.

Generally speaking I’ve come to realize that if I see a piece of property that works, now is the time to buy it. Over the long term meaning the 25 years I’ve been in my market, I’ve never seen the bottom fall out if you’ve held your ground. And inevitably prices only go up.