Posted by: Roby Robertson | June 26, 2008

Lake Norman Real Estate:Buying a Home in These Times!

Buying a Lake Norman Home, Should I do it Now?

There are times when the economy is brisk and everyone feels confident about his or her prospects for the future. As a result, they spend money.They buy houses!

As business cycles tell us, the economy will slow down at some point. Much like our economy today, Companies lay off employees and consumers are more careful about spending, perhaps even saving more than usual. As a result, the economy slows even further. If it slows enough, the experts call this a recession.

During this time, fewer people are buying homes. You can read the headlines daily and here all about it. I am not crazy about the media! Even so, many homeowners may find themselves in a situation where they must sell. Families grow out of their home, employees get relocated, and some may even find themselves over extended – perhaps because of a layoff or illness.

The Age Old Supply vs. Demand

When the supply of available houses is greater than the supply of buyers, appreciation may slow and prices may even fall, as happened in the early eighties and the early to mid-nineties.

If you are lucky enough or savvy enough to purchase a home during a slow period, you can be reasonably certain the economy will strengthen. History has taught us this. At times, real estate values may even surge drastically as been the case in the Lake Norman and Charlotte areas.

The Right Time?

Predicting the future is impossible even though experts try. Even Nostradamus has missed predicting it many times. Another challenge is that interest rates are generally higher during a depressed market; however we are in the midst of historical times because interest rates are still at record lows.

Why Wait? It is really may not the time to sit on the Fence!

Actually, “timing the market” generally works best for first-time buyers. People who already have a home usually need to sell it in order to buy their next one. If a “move-up” buyer wants to buy a home during a depressed market, that means they usually have to sell one during the slow market, too. If a seller wants to sell his home to take advantage of a “hot” market when prices are fairly high, they generally have to buy their next home during that same hot market.This type of buyers market is really perfect for those wanting to build wealth with real estate. The most active buyers right now are investors. They understand that this market is the best market to buy.First Time Home Buyers should be seriously thinking about buying in this market. Also, we are finding that empty nesters are looking at real estate to build wealth for their retirement and their children.

Finally, the business cycle can change over time. Since 1983, we have had two fairly long expansions with only a slight recession in between each. You would not want to wait nine years to buy a home, would you? You could miss out on a substantial amount of appreciation by waiting, and end up paying much higher prices.

For more information or assistance contact your Lake Norman agent at 704 451 7051.

Common Myths about working with Lake Norman and Charlotte Real Estate Agents

Be The First To See Lake Norman Hot New Listings as soon as they become available.

What would my Lake Norman Home Sell For?

See Also:

Lake Norman Golf and Waterfront Communities

Lake Norman Condos

More Lake Norman Area Communities

Lake Norman Hot Spots for Construction

Roby Robertson

 

Saving My Clients Thousands

Broker/Owner

 

Real Living In Style
Davidson NC

 

roby.robertson@realliving.com

 

Ph: 704 451 7051
Fax: 704 892 9766

Committed to Saving My Clients Thousands When Buying and Selling Real Estate


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