Don't Wait To Buy?
Writer Tom Kelly offers an opinion piece in the Everett Herald in which he takes a very matter-of-fact tone. To hear him tell it, there's no question, prices will not decrease in the Puget Sound:
Is there significant merit in waiting for the local housing market to cool before jumping in to buy a home? While that question may be on the minds of many consumers, the reality of a significant drop in home prices and a rise in inventory is rather remote.If it were as certain as Mr. Kelly makes it sound, why would I even have created this blog? Either I'm a total idiot, or Mr. Kelly is making things sound a bit more definite than they are. Perhaps he's a realtor. *wink*
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The idea of "saving my money until home prices come down" has probably become a contradiction in terms - at least for the foreseeable future. Yes, housing is cyclical but it usually does not go backward for very long, if at all. The additional money you save now probably will not offset the appreciation (albeit slower than today's torrid pace) you would have accrued had you found a way to purchase a local home sooner rather than later.
(Tom Kelly, Everett Herald, 10.23.2005)
4 comments:
he's an author and professional journalist. but it looks like he'll sell more books if the housing market stays hot. so he has a vested interest in continuation of bubble prices.
See: http://www.tomkelly.com/bio.htm
Mr Kelly should go and give this kind of cock-and-bull theory to Californians and lets see what they got to say about it. Tell this to those defaulters last quarter and they will have his guts for dinner (as most of them I guess are not left with enough to get a decent dinner). Well he does not have to travel that far, people in seattle only will be more than willing once this market cools. Well, being what these reporters are, spineless creatures, they will assign the drop to some shady news happening somewhere in some internal part of Morocco.
The idea of "saving my money until home prices come down" has probably become a contradiction in terms - at least for the foreseeable future.
Mr Kelly should go and give this kind of cock-and-bull theory to Californians and lets see what they got to say about it.
LOL...undoubtedly a similar response as thinking people anywhere. Of course, we're already past the possibility of a flat market here; I'm seeing many homes reduced by 10-15% just over the last 3 months.
YAYYY!!!! So am I! The days of the bidding wars seem to be behind us now!
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