On one side of the fence, we have the drones that parrot the soundbites created by the bobbleheads at the National Association of Realtors. “Everything is beautiful. This is a great time to buy a home. Investing in real estate is a winning strategy.”
Those folks need to play the knock-knock game..
You know….knock knock….who’s there?….real estate investors……real estate investors who?…..real estate investors that have lost their collective ass in the market over the last two years!!!!!
The folks hanging around a Metro stop holding a styrofoam cup and cardboard sign know that prices have collapsed in the DC area. The vast majority of people that purchased a home in the last two years bought it for more than it could sell for today.
For them….the real estate market sucks!
Hello……………..they are only a portion of the market. If they can afford their mortgage, they eventually will see their equity increase. So, today it sucks but the future is brighter.
That must mean that the market is great for buyers, or does it?
FICO is a nasty little four letter acronym that will define just how good the market is for anyone thinking of buying. Your credit score will open one of many doors when seeking a loan. Instead of the price is right (although, that fits) the answer will relate to the interest rate located behind your door.
How about this for a qualifier….It is a great time to buy if you have saved enough money to put 10% down and your credit score is high enough to make the best rates available to you. Change any of those qualifiers and the market turns sour faster than a glass of milk sitting in the desert sun all day.
How do you know? Well, you don’t. When you don’t know the answer, it is time to speak with an expert.
I am a Realtor that stands ready to answer your questions. All the wisdom of the talking heads will be set aside and your personal situation will be analyzed. It could be your time. And then again, it may be time to slip back into the cave and hibernate until your situation is more favorable.
Send me a note….firstname.lastname@example.org I will make time for you.