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.

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

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