Posts Tagged ‘single woman buying real estate’

We are in the best and worst real estate market in over 25 years.  Best because it’s a Buyer’s market.  Now is the time to make a deal.   In many areas, I don’t think you’ll see home prices this low again.  That is, if the economy makes a comeback next year.

It’s a bad market because — well you know the reasons for that.  No need to focus on more negativity.

You know this is the right time for you to buy if:

• you’ve been saving your money
• you believe your job is fairly secure
• you expect to own the property for at least 5-7 years and
• you have a 6-8 month cash reserves in your emergency fund.

Is it your time?

House I liked in Delray Beach

Just when is the right time to buy?  Should you keep waiting for prices to drop even more?  I was in Delray Beach, Florida in August.  People there were saying, “you will never again see prices so low, but in the Spring they might be even lower.”  So what do you do — wait?  What if they start going back up?

The thing is now is a great time to buy.  And the Springtime probably will be too.  But more importantly, where are you in this process?  Do you need a place to live?  Do you plan on living in the property for a minimum of 3 years, but preferably 5 years?  Do you have funds to put into the transaction?  Do you expect your job and income situation to remain steady for the foreseeable future?  Will you have funds leftover for an emergency?

It’s not just about price and timing the market.  It’s about much more than that.

This morning I saw my Chiropractor.  While she was torturing uh I mean treating me, she asked about my book.  She went on to relate her experience as a single woman buying real estate.  She has purchased two homes, one in Maryland and one in Texas.  Unfortunately, her experience was the same in both cases:  the real estate agent didn’t listen to her.    “She kept showing me 4 bedroom houses with 2 storys, and it was just me living there.  I never wanted anything that big.”  She felt as if a lot of her time was wasted, and that she did the work for the agent.  Moral of the story:  Listen to your clients and you’ll learn what they need and want from you.