1. Can you afford this property?

 

This is not meant to insult potential buyers, but this is a crucial question. You do not want to wreck your credit rating and become another foreclosure statistic.  Before you start the process of buying Real Estate, closely examine your financial situation. Do you have long-term income security?  You should ensure that you can purchase and maintain property without financial hardship. Be confident of your ability to comfortably afford the long term financial obligations associated with home ownership. Finally, set and stay within pre-determined financial boundries as you embark on your journey of buying property.

 

 

2. Do you intend to own this property for an extended period of time?

 

In the last twenty-four months, prices have fallen dramatically. Some potential investors may see today's low prices as an opportunity to make quick profit. At Home Realty Company, we strongly discourage this line of thinking. The single greatest health indicator of the real estate market is the job market. During times of stable or expanding employment, the real estate market is active and growing.  We have been in the largest and longest recessionary period in our country's recent history. Job loss has been significant. This job loss and an expanding inventory of existing homes on the market places downward pressure on prices.  We do not see great opportunity for short-term profit in real estate purchases.  However, we believe in the long term our country will again experience job growth.  We also believe at some point strong inflationary pressures will return.  At that time, we should see the historical characterisics of real estate pricing return.  Traditonally, real estate ownership serves as a hedge against inflation by appreciating in value along with other goods and services and investors may increase rates of return through higher rent rates.

 

 

3. Are you getting a great deal?

 

We cannot answer this question for you, but given the current market situation, you should accept nothing less than a great deal. Here at Home Realty, we work for the seller and we think all our properties are offered at great prices!  You should examine the market for yourself and determine what is and is not a good purchase price.  As mentioned earlier, real estate prices continue to come down.  Look at our Great Deals on Corporate-Owned Property webpage and see for yourself!  

 

 

If you have answered YES! to each of these questions and seek to purchase property, we encourage you to act now.  Interest rates remain near all time lows.  There are great deals, but they are each unique properties.  Once each is sold there are not others identical to it!