To Buy or Not to Buy (that is the question)
If I had a dollar for everyone that asked me if this is a good time to buy, I could retire early or at least take a nice vacation. All jokes aside, here are the facts.
1. Prices across the board are at all-time lows.
2. Interest rates are incredible.
3. Down payments are minimal.
4. There’s tons of available inventory
So, yes, it’s the perfect time to buy a piece of property. Many experts are saying we still haven’t seen the bottom. Maybe they are right, but who cares?
Yes, we all want a deal and bragging rights because we bought for the lowest price and sold for the highest profit.
However, prices are so low right now, worrying about someone down the street who pays a few dollars less than you do, when the prices are already 50 percent off, doesn’t make much sense. My dad always said, “study long, study wrong.” Don’t miss great opportunity fishing at the bottom, because you might end up with a hand full of sand.
There are really only two types of buyers: owners and investors. An owner is buying the property to live in and occupy it as his or her primary residence. Investors, on the other hand, are buying with the sole intention of selling. If you are buying with the intention of selling or flipping the property, you want to pick the property up for the absolute lowest price so you can maximize your profits.
With pricing being so low and the cost of money (interest rates) being historically low as well, a lot of investors are buying properties and using them as banks. They can rent the property out and wait for the market to come back to make the big paydays. As an end user or an owner, you, too, want to get a great deal, and you can get that today.
Don’t be that person 15 years from now, talking about the great fourplex that you missed out on, that perfect dirt lot, that a shopping mall ends up being built on, or just simply in a home that could have over six figures of equity, all because you had a failure to launch.
Alicia Taylor, Sr. Manager Mortgage Solutions LLC
6655 W. Sahara Ave A-212 • Las Vegas, NV 89146
702-241-0206 Direct • 702-368-0059 Office • 702-385-0089 fax