Housing Pessimism: Get Over It….

I suppose it is not fair to ask today’s prospective home buyers what all the fuss is about. Given the daily onslaught of negative media coverage of housing and the economy, it is permissible to be concerned about whether or not to take the plunge. However, I don’t understand the hand-wringing, mind warping fear that has gripped many home shoppers to the extent that they can’t make a decision. Analysis paralysis is how I reference the condition wherein folks talk themselves out of making an offer as fast as they decided to buy. There is nothing wrong with being analytical about a home purchase, but the human factor cannot be dismissed.

A home is where babies are raised to be children, puppies become dogs, we celebrate Thanksgiving, birthdays, have barbecues with neighbors and friends, plant a garden, paint a room, start a hobby, read a book. All of these things can be done in an apartment or a rental home, but they are never the same as when they take place in your own home. There is not the same feeling of permanency, of family, when life takes place in a building owned by someone else. Yes, there is some stress and work involved. But I think you will find that most homeowners wouldn’t have it any other way.

It’s accepted that no one wants to be the buyer that bought at the top of the market. Conversely, often it is the fool that sets their sights on buying at the bottom.

Buyers have more choices today in the Puget Sound Region than they have had in 5 years. The whining, the crying, and moaning that went on for those 5 years while buyers had little to choose from stands in stark contrast to the attitudes of today’s buyers that seemingly can’t make up their mind about anything. Is it because they have too many choices? Perhaps. More likely it is because they lack focus. “What are the reasons for buying home now. What will change in the future that will impact my decision today?”

Interest rates may go up……or down.

Home prices may go down……..or up.

The days of buying and selling within 2 or 3 years are well behind us. If you’re not going to stay put for at least 5 years, don’t bother. That has been the traditional standard for over 50 years. Five years is enough to absorb the inevitable dip in value along the way and still achieve enough appreciation to cover the selling costs when it is time to move on.

So if you are worried about buying, get over it. Be smart, don’t overbuy, pay for a thorough inspection, know the costs of needed repairs, get a conservative loan, then move in and get on with your life’s business of growing memories.