Many buyers are afraid of purchasing real estate in today’s volatile market because they fear the investment may not be sound.
And while all investments carry some associated risks, real estate is different because you have to live somewhere anyway. In addition to being an asset in the portfolio, real estate is a functional purchase and you enjoy the benefits of usage during your period of ownership.
The key is to do your homework up front, and hire qualified professionals to assist you with your purchase, your mortgage and your inspection of the property, The best way to minimize risk is to enter the transaction armed with facts and with eyes wide open.
Prices are great and interest rates are low. It’s a great time to buy real estate, and a great time to add real estate to an investment portfolio.
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Richard.....the odds are always in a buyers favor to invest in property.....it's a frightening adventure for a first time buyer and with today's unemployment rate, it's frightening for others, too.
All huge financial transactions incur risk, which is why anyone who undertakes them on their own have poor judgement. I always smile how the same people who wring their hands over a used car or computer are so cavalier and "do it yourself" about the sale of their home. The stakes are far higher.
The key point I think that gets overlooked is that real estate, over the long term, gains in value.
The idea is to gain as much insight and information as you can to minimize the risk, there is always risk involved, if there was no risk and a sure thing, everybody would be doing it. Nice post Richard
Many buyers are afraid of purchasing real estate in today's volatile market
Many buyers are afraid of purchasing real estate in today's volatile market
Many buyers are afraid of purchasing real estate in today's volatile market
THAT IS THE ABSOLUTE TRUTH!
Which is why I seek home buyer client who NEED A HOME and are not just looking for a deal or investment.
When entering into a purchase of this magnitude, it's always prudent to hire someone to protect your best interests. Those who don't face a potential financial disaster.
We are experiencing a market which will help to make some people wealthy. Those who are waiting for the "bottom" will be the ones in years to come who say "I should have bought then."
This has been and continues to be my philosophy - and I've been fortunate to reap financial reward by using it! Real estate as an investment is a great vehicle to personal wealth.
People are always going to need a home, and many prefer to buy over renting. These people are not afraid to buy.
Richard, real estate is a long term investment. Now is a great time to buy.
Richard: Like you said, you have to live somewhere. You can't live in a pile of stocks. Real estate should first be viewed for it's function as a home, then as an investment. The reason so many people, who can afford their mortgage payments, are walking away from their homes is they saw them as investments or ATMs. If you see your home as just that, a home, you're less likely to continue the madness in the market and stay HOME.
I agree, real estate gains value and is a long term investment but I also believe buyers are a tad bit skeptical with the economy being the way it is. I believe the key is to become as informed as you can so that you can understand the possible risks; that way you can tackle them head on if need be.
Richard,
Real estate investment used to be so simple. Price appreciation about 1 - 2% over the CPI. Then 2003 hit and everything changed.
Rich
Richard:
When someone is buying a home they are not only providing shelter but are investing in a lifestyle and way of life for their family. I have seen so many lives dramatically changed by their home purchase and move into a better school system and neighborhood. It is something that is hard to put a price tag on.
One simply needs to hire a professional who knows the area and can help them make the best decisions about their home purchase - then, it is not a gamble.