Baltimore First Time Homebuyers should buy NOW!

The New York Times writer Ron Lieber wrote an article that was published today called Maybe It’s Time to Buy That First House . Ron writes the Your Money section of the NYTimes online.

He knows his stuff!

Listen, we know that housing rates have been declining. There is no question. But are you waiting for the bottom to hit? If so, how can you predict it? You can’t! The likelihood is that you will either buy just before or just after the low. So why buy on the way back up? You’ll have missed what is likely to be a deal of your lifetime!

The other thing to remember is that most first time homebuyers tend to stay in their houses for 7-10 years. So you can SELL it on the way back up, rather than in the possible next dip!

Real estate is designed to be a longer term investment than the past few years have seemed to indicate. What we need to remember is THAT was the odd time. The scary time. When if you bought, we couldn’t honestly tell you that your house would be worth that much in a few years. And now, that’s right, it’s not.

So take advantage of these low interest rates, low prices, and deals galore!!!!!! Just check out the prices on these BALTIMORE homes! Don’t own a house yet — CONGRATS! Now do yourself a favor and BUY ONE NOW!!!!

Global Insight says NOW is the time to buy a house!

According to a recent report from Global Insight, an economic and financial analysis forecasting firm, current housing statistics indicate that now is the right to time to buy.

They claim that the U.S. housing market as a whole is undervalued by 3.8 percent. Global Insight analyzed 330 metropolitan areas in the United States and found that 241 metro areas experienced price declines in the third quarter of 2008 in comparison to 150 metro areas in the second quarter.

The markets that were hardest hit were in areas that were most overvalued three years ago. This study, a combined effort by HIS Global Insight and National City Corporation represented 78 percent of all existing housing units in the United States.

Low interest rates and increased affordability make today’s market a buyer’s dream!

 

Source: Global Insight (12/03/2008)

The moral of the story is: If you have ever thought about buying a home in the Baltimore area, NOW IS THE TIME TO DO IT! Interest rates are low + prices are low. GRAB YOUR DEAL NOW!

Government Bailouts and Fairness to All

We have all heard about the banks being bailed out, the car makers possibly being bailed out, and those in financial crisis being bailed out. But what about those people who have been financially responsible? Why are those left out of the mix? How is that fair?

David M. Michonski, Chairman and CEO of Coldwell Banker Hunt Kennedy in New York City discusses this in RIS Media’s December 3, 2008 article, Solving Housing and Fairness in 48 Hours .

He has some very valid points and positive ways to solve the fairness issue. The problem is that others have to adjust their way of thinking as well, and that includes the banks who may be in trouble.

Read this excerpt:

“I suggest we change our thinking to focus on those who want to and can be stimulated, i.e. those many people sitting with cash on the sidelines and who are just afraid to act at this point in time. The economy may be sick, but there are still plenty of healthy people around. We need something to stimulate them to part with some of the cash they are sitting on.

How? Simple: give the healthy sector of the economy a bargain they cannot resist. Americans like a bargain and will act upon them.

What is a bargain? Give creditworthy buyers a 4% 30-year fixed assumable mortgage with no prepayment penalty. Creditworthy is someone with 20% down or 20% equity in their home, who has good credit and a verifiable job. Make it a new loan or a refinancing of an existing loan. Simple enough.”

GOOD THINKING! And can you imagine what that would do for the falling housing market?

There are many GOOD QUALIFIED buyers out there who have learned from the past to just wait. But what if we could convince them not to? How great would that be for our economy?????!!!!!! Plus, putting your money in real estate is, in general, safer and more profitable over time than the stock market. So why NOT?

Please, Banks, tell us why this has not happened yet. And hurry up and jump onboard.