June 15, 2020 at 12:07pm | Mac Rogers
The question many are asking right now is should you buy a house now or wait? We will tackle that question on this video. Stick around to the end for our free download.

Hey guys, my name is Mac Rogers I'm the broker/owner for Albert Rogers Realty, here in Castro Valley CA. If you are new to the channel, this is all about providing home buyers and home sellers tips, hacks and relevant and actionable information for today's real estate market. We also do our monthly as well as mid month real estate update for the east bay. If you like the information, please click on the subscribe and like button below.

Trade wars! Coronavirus! Killer hornets! Riots! What's next? As we head into what looks like an opening of businesses, all eyes are on the American economy. Being the world's largest economy, as it goes, so does the world economy. As we begin to reopen, the question becomes: should you buy a house now or wait?

Last week I went over the May real estate numbers. If you haven't seen that update I will link the video at the end. Basically the complete halt that we experienced in the beginning of March and the first half of April just completely turned around.

Some people are a bit worried from the scars caused by the last recession in 2008 where housing was the one that brought the whole economy down. And then we tack on the recent events that has hit us -- Health crisis which turned to an economic crisis. And just when it looks like we are about to bounce out of it, we get hit by social unrest.

With all these wild things happening, I keep getting asked, if now is the right time to buy a house?

Here's the thing, if you are looking for a bargain, I hate to burst your bubble, but there aren't any. Buyer traffic has gone down indeed; however, housing inventory has gone down significantly as well, which equates to multiple strong offers, thus creating the same environment before all this turmoil. So far, all economic indicators do not point to a real estate crash.

I believe that if you are asking yourself this question, it is likely that know you are able to buy a house now. If you have a stable job and your finances are in order, there shouldn't be any reason not to go ahead.

Buying a home is the single most biggest purchase most of us make. How you buy a house should not be 100% dictated by what is going on around us. I look at this as a need as it is our place of shelter, coupled with the ability to buy. For most of us, this is also a long term investment.

Now, let me give you my top 4 reasons to buy, which by the way, does not change whether there is a recession or if the economy is booming.

When you buy a home you become a part of a local community. There's a sense of pride in ownership. You plant roots and become involved in your community.

An often overlooked aspect of homeownership is your monthly payments become fixed. This means that if you keep your mortgage for the next 30 years, it will never increase. That is not the case with renting.

Then there's the tax benefits. I'm not a CPA or an accountant so I suggest asking your CPA the tax advantages pertinent to your specific situation.

And finally, the thing I like most about owning a house is its forced savings. You are paying off an asset. An asset that appreciates. An asset that, by the way, allows you to use it. How many types of other investments are there that lets you pay for it partially while fully utilizing it! Nada, zip, only real estate investment allows for that. You can't compare that to a car, which depreciates in value the moment you drive it out of the dealer lot!

Look, only you can truly know when you are ready to buy your own home. My job is to get you the home that you want, at the price that you want and at the time that you want.

For more information about the home buying process, send me a DM and I will send you a copy of my ultimate home buyers guide. This will give you a complete overview of the whole buying process.

I hope you found this information useful. If you have any questions or feedback, please comment below. Have a great day.



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