I was helping a friend get his blog started the other day when I overheard another agent talking on the phone to a prospective buyer. It happened almost as if it were from an NAR script.
“This is a great time to buy! Interest rates are low and …”
I didn’t hear the rest as I was busy beating my head against the nearest hard object as I personally objected on two counts:
1) The buyer she was talking to was from Canada and I was dismayed to learn I haven’t cornered the real estate market for Canadians (particularly Albertans) looking for vacation homes here in the United States.
2) But more importantly … It MAY be a great time to buy IF you are looking at a longer term investment AND you’re prepared for the possibility that the property you purchase MIGHT drop in value before it starts to appreciate.
The standard “it’s a great time to buy” pabulum spewed by NAR and many agents would be laughable if it wasn’t said with such earnest sincerity. Such a blanket statement, however, has remarkably little value.
It’s never absolutely a great time to buy real estate. Whether it is depends wholly on your personal circumstances and, given the recent market, your personal risk tolerance.
End of conversation.
[tags]Phoenix real estate, NAR[/tags]