Is Now a Good Time to Buy in Cary?
I hear this question often. The easy answer is Yes! But the best answer is, it depends. It depends on the buyers situation; how long they plan to live in the home, their price point, their ability to make improvements and other factors.But as a general rule, looking only at historical data and considering the current state of the economy, Gary Keller (Keller Williams Founder and CEO) said it best this week #kwfr, "Buyers are going to look at rising interest rates and prices and think that there will be a better time to buy. The truth is, if they could time the market, they would have already bought.”
Why does he feel so strongly about this? Here is a pictograph that explains his reasoning. Even at 4% interest with current home prices, it already costs more to own a home now than it did in 1989. As rates and prices go up, it will become less affordable.
This is not to say that buyers have missed their opportunity already. There are still deals to be had. But, this is where "it depends" really comes into play. Buyer's need to evaluate all their options and work with a professional Realtor who will look out for their best interest, not just be out for a sale.
Finding the right home, at the right price and in the right condition is critical. Negotiating price, terms and conditions is key. Understanding your long term commitment and costs in home ownership is vital.
At the Don Johnson Real Estate Team, we work very closely with our home buyer clients to ensure that they are making the right move. We welcome the opportunity to meet with you to discuss your situation and how to approach the current local real estate market.
