Is Now a Good Time to Buy a Home?
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A few things to consider as you think about buying a home in today's market.
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Is Now a Good Time to Buy a Home?
- 1. Is this really the right time to buy real estate?
- 2. Shouldn’t we wait to buy a home?
- 3. 4 Things You Should Know 1. It Make Sense Financially 2. Buying Is More Affordable Than Renting 3. A Short Sale Can Be a Great Deal 4. The Experts Are Saying Buy Now
- 4. It Make Sense Financially
- 5. Return on Investment 50 January 1, 2000 – March 1, 2012 36.7 30 18.4 10 -10 -1 -30 -24.4 -50 Dow S&P NASDAQ Real Estate MSN Money.com, Case Shiller
- 6. The Key: Sell High and Buy Low 2000-2005 2006 2007-2010 TODAY 2012-2015 Optimism Euphoria Fear Point of maximum opportunity Point of maximum risk in investment Optimism Depression
- 7. Projected Appreciation & Depreciation Annual Price Change 3.75 3.23 3.32 3.25 2.71 2.75 2.25 1.75 1.75 1.25 0.75 0.25 - .18 -0.25 2012 2013 2014 2015 2016 Home Price Expectations Survey 12/2011
- 8. Mortgage Rates – 30 year fixed 5.25 5 4.75 4.5 4.25 4 3.75 1/01/2011 Today Federal Reserve
- 9. Case Shiller Pricing Index 2000 2003 TODAY
- 10. Same Price, Major Difference in Cost Price Rate* P&I** 2003 250,000 5.83 1,471.66 TODAY 250,000 4.00 1,193.54 Monthly Savings 278.12 * Freddie Mac 30 Year Rate **Principal and Interest
- 11. Buying Is More Affordable Than Renting
- 12. Rent vs. Buy Best to Rent “Certainly prices have 2% continued to fall nationally, but rents have been rising so this would be the lowest price-to-rent ratio that we’ve seen.” - Jed Kolko, Trulia chief economist Best to Buy 98% Source: Forbes 03/23/2012
- 13. Rents Rising Rapidly $1,200 National Average Rent $1,175 $1,150 $1,125 $1,100 $1,075 $1,050 $1,025 $1,000 2009 2010 2011 2012* 2013* 2014* * projected Source: Marcus & Millichap 1/26/2012
- 14. Rents Rising Rapidly “Vacancies in the home-rental market will push average rental rates up as much as 5% by early 2013.” Source: HousingWire 3/16/2012
- 15. A Short Sale Can Be a Great Deal
- 16. Short Sales Surging 600 Short Sales in thousands 500 500 397 400 354 300 274 200 103 100 0 2008 2009 2010 2011 2012
- 17. Value by Sale Category Type of Sale % of Value Non-Distressed Sale 100% Short Sale 79% Foreclosure Sale 71% RealtyTrac 02/2012
- 18. The Experts Are Saying Buy Now
- 19. Buy Rent Housing Cost Over Next 30 Years* * Assuming payment of $1,500 for both rent and mortgage; a fixed rate mortgage and an annual rent increase of 3.2% for inflation. Forbes.com 10/13/2011
- 20. Buy Rent Retirement Fund Created from Homeowner Equity After 30 Years* * Assuming $300,000 current value with a 1% annual appreciation rate for residential property. Forbes.com 10/13/2011
- 21. Chris Thornberg Chris Thornberg is a former UCLA economist and a founding principal of Beacon Economics. 2007 -“What’s the point of buying today when you can buy it for 10 percent less in a year? For the life of me, I can’t figure out that logic.” 2012 -“Even if you’ve been thinking about buying a condo in Vegas or buying a condo in Miami, buy now. Now is a great time to buy a home.” Source: Orange County Register 1/12/2012
- 22. John R. Talbott 2003 2006 Huffington Post 12/20/2011 Today
- 23. Warren Buffett Speaks Out “If I had a way of buying a couple hundred thousand single-family homes I would load up on them.”
- 24. This Week’s Cover Barron’s Magazine