Sitting the fence?

Let's admit it. We Realtors are the eternal optimists and it would seem that by reading our marketing material that it is "always" a good time to buy a home. Well here is the honest truth, it is sometimes not a good time to buy a home and  Realtors are not necessarily the most reliable source about this subject. However, I can say that most of the time it is a good time to buy a home and as a long term investment owning your own home is usually the best investment you will make over the course of your life. Right now is really a fine time to think about getting off the fence and buying a home. Here are my reasons.

• We have seen home values bottom out and they are now back on the rise. This especially holds true in Montgomery County and the District.
• Interest rates are not going to "ever" go lower. They just can't go lower and in my almost three decades as a Realtor, I have never seen rates this low. Low rates mean monthly payment that are as cheap or lower than  paying rent.
• We are already seeing a shift from a buyers market to a sellers market. There is currently a shortage of inventory in many areas. Expect that to get worse after the elections are over.
• Rents are steadily going up. Does it really make sense to help pay off someone else's mortgage. That is what tenants do.
• Be the master of your own domain. Surely you must be getting tired of moving. The average tenant stays in a place about two years. The average homeowner in this area stays put for about seven years.

 So now you have it. Probably not for the first time either. If you want to buy a home, now is the time. Wait if you want but I assure you that the costs for you will be higher if you delay. Drop me a line if you have some questions about this. I am always willing to talk.