Posts Tagged ‘ 2008 real estate ’

You Would Have to be an Idiot to Buy a Home in 2008

What possible reason could you have to buy a home this year? Let’s analyze the facts.

1)    Interest rates down to 5.5% – the takeover of Freddie Mac and Fannie Mae have the rates tumbling. Why on earth would anyone want to pay a low interest rate like this when we could wait for double digit mortgage rates. I mean at 11% interest we would get twice the write off on our taxes wouldn’t we?

2)    $7500 tax credit for first time home buyers. You heard me right that is a tax credit – not a deduction. Of course if we wait on 11% mortgage rates we will have a pretty big deduction anyway so we may not want or need this $7500 tax CREDIT!

3)    Seller incentives are at all time highs. Sellers are almost certainly going to pay all your closing costs.  They may also be willing to throw in a refrigerator, privacy fence, and who knows what else.  But who needs all that stuff!  I would really rather pay my own closing costs and other expenses to get into a home as this makes me more independent.    Again, I can write that off on my taxes – right?

4)    Homes are at bargain prices compared to a couple of years ago! We don’t want to buy when prices are down though – do we? It is always better to buy high and sell low isn’t it?    If we bought now we might make a big profit in a few years – what would we do with all that money?

Any rational person can see that buying a home in 2008 would be a huge mistake.  Waiting a couple of years to buy a home would obviously be the wise decision.


Posted by: Wayne Long on September 11th, 2008 under Buying or Selling a Home


For Real Estate Agents

Online Marekting Solutions

For Home Buyers and Sellers

e.g., 1250 S Main St, Burbank, CA or 91506
     Search Foreclosures    Search New Homes    Search Rentals    

Blog Categories

Blog Archives

Real Estate Blogs

Top Articles

Recent Comments

Guaranteed LeadsReferral Lead ProgramListings PackageVisits to your WebsiteFind REALTOR®Homes For SaleHome Values