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Realtors Own or Buy this is the question!
These days a lot of people are wondering if they are better off not to worry about buying property and just rent and be more flexible to relocate and upsize their living space or down size it, and not to worry about mortgage, property falling price, tax, repair and other related factors in ownership. At the current market a lot of buyers especially 1st time buyers put hold on their purchasing project to see what will happen next year
It looks like the next year is not going to be a very good year for real estate, and therefore more houses would be in the market more inventory means more price reduction, and with credit crunch it is more difficult now to be qualified to get loan and ultimately more pressure on the housing market.
If you are a patient buyer, and you are renting right now, you may consider to renew your lease and wait for the next year because the trend shows it is going to be more power of negotiation for buyers and more price reduction.
The economic cycle for real estate from all the indications showing it is going to be on the down term and it is going to continue for long period, because of credit crunch, too much debt and reduction in buying power.
There are a few remedy in discussion like reduction in interest rate and freeze for one type of Arm loan for a few years, would it work? With the constant reduction of home equity and buying power, and less opportunities to be qualified for loan ,the people with adjustable rate, balloon payment, interest only, negative amortization, have very few options to keep their property that constantly has declining price and more payment due ,so the predictions would be we are going to witness more properties in the market and that will result driving price down ,and that would be the reward for your patient
So renew your lease and see what will happen next year when we have the 4th quarter Economic report and Bank loses.
Hossein Mansouri is an MBA and writes article about real estate you can reach him at www.adrealty.us/h Realtors
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