I am constantly befuddled by the trepidation experienced by some buyers when purchasing a house that is not based in any factual reality.
We see some amazing deals that fall into the "no-brainer" category, and I have seen many potential first-time buyers lose out on a fantastic opportunity because of an irrational fear of not getting exactly what they want or the best deal possible.
But when you can purchase a home with no money out of pocket, have a payment that is less than what you are currently paying for rent on a property that is superior to where you are living now, AND you can pocket an $8,000 tax credit for doing so ... what is there left to think about?
As interest rates continue to escalate and the money supply evaporates, these deals will become fewer and farther in between, and buyers should not allow negative perceptions perpetrated by well-intentioned but misinformed so-called "experts" override common sense.
Because numbers don't lie, and the smart money is buying!
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All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.
Boy are you right on the money with this post. I shake my head at some of these buyers. and wonder what they are thinking about . Great post Richard thanks
Richard, my morning is not complete without your post and my cappuchino. Anyway, you are so correct about this. I think often than friends/coworkers/family give advice that may be tainted with fear, over-concern, personal anxiety. When I helped my daughter buy her first home this year I was worried about so much, even though her payments are very low, with 100% financing. Since this is what she wanted, I kept the neurotic mother side of me quiet and the cool headed realtor side of me was the only one with us when we were looking, and when we made offers on homes.
The time is now.
Charlie...
I have seen too many of then lose the chance to become home owners, and that is very disappointing to me! Thanks, my friend!
Richard,
Way too much negative influence by the media. Their loss.
Rich
We have also created another group of buyers who are looking to get into the market with "no money down." Whether it is using the $8000 tax credit to monetize a downpayment or ask the seller to cover all their closing costs if they can't get in for free they will walk away. Has happened twice this week on my listings with offers when the sellers COULD NOT cover the closing costs for a real reason that was told to the buyer's agent. Perfect houses but since they couldn't move in for zero they weren't interested.
These people will be looking back in the future and thinking why didn't I buy. Now my rent is more than the house payment would have been and going up every year.
Richard, you are right on target with this one. This is an opportunity for first time buyers that won't last long.
Strange how the $200K home buyer wants it all in that price range and the $800K buyer tells you we know we can't have it all if we need to make a concession, we will. You need to be realistic is a phrase I have often had to use, sometimes they get it, sometimes they don't...
I have several fence sitters that waited and now rates are also up 1/2 a point more. That cost them 11K or more because they were looking for a better deal.
Fear, unfortunately, is so powerful. Even though rates are up, people will do what they do when they are ready. It is frustrating in this business so learning to let go and accept continues to be my challenge in these kinds of situations
Andrea...
We had a buyer back out on a house that we got for $120,000 and the appraisal came in at $150,000. You would think that would be a deal clincher, but the buyer failed to seize the opportunity. Thanks as always, for the comment.
Rich...
It is indeed their loss. Thanks.
Cindy...
Sellers also need to understand the mentality of these buyers ... it is unlike anything that I have ever seen so it does take some getting used to ... thanks for the comment!
Mark...
Of course, those that do "get it" are getting fantastic deals! THX
Michael...
I don't see how it can last long ... wow! Thanks,a s always.
F & J...
I think that comes from experience ... most buyers in the higher ranges are more versed in market realities! Thanks for jumping in to the conversation!
Being able to say, "I told ya so." later doesn't really make it better, eh?
Laura...
Rates will continue to climb because the government needs to borrow a LOT more money, so even if the rice of a property drops, the actual cost to a borrower will go up. Good point, thanks.
Janice...
Common sense says if you wait until all of the news is good, then it's WAY TOO LATE! Thanks, as always!
Mel...
It hasn't so far! Thanks.
The fear of paying to much or that prices will fall just after they buy is too much for some. It seams that everyone listens to the Doom and Gloom but ignores the real Good news!
Richard, I have seen the same thing happen to buyers this spring, just too afraid to make the commitment. I can only shake my head and walk away befuddled because I know these same people will buy later this year, will the prices be as good? probably not, interest is already going up.. and if they don't do it before the end of the year they lose the $8,000 tax credit. I am just perplexed, and so very sorry for the opportunity missed because of fear fed from the media.
Richard - too many people (my wife included) don't realize that the dream home is probably not out there. Dream homes are made, not bought.
But sir you don't understand, the basement isn't finished the way I would like it to be or the backyard is not fenced in. I will have to wait for that perfect home.
Just like the perfect mate - the perfect house is not out there. You have to decide what you must have and the rest are "nice-to-haves."
I was watching an HGTV show one night featuring FTHBs; you should have SEEN the beautiful homes they were looking at, at relatively low prices. They were going to be able to get in one of these homes with little money down, get a tax credit back from Uncle Sam and what was her constant whine refrain throughout the "looking" process? "It doesn't have gran....ite." I wanted to throw something at the tv! Aarrgghhh! Wake up and grow up!
I have to agree with Susan. So many people are passing up this great time because they can't afford all the house the want to retire in or can't lower their expectations to what is in their price range. So you pass up possibly the best time in your life to get in the game because you can't have it all? I would buy today if I qualified for that credit!
Many people are still having problems taking that next step and just making the move.
Paralysis by analysis...wanting to get the lowest price ever! If I were in the market I would be jumping! Good points.
Richard, What does it take to convince someone that THIS IS THE BEST TIME TO BUY?! There are so many great opportunities but even then some people will hold out waiting for prices to continue to fall or a better deal!