Quote:
Originally Posted by Laker14
Unless your intention is flipping, why wait? We aren't getting any younger.
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If you are looking for an exact time, you would need data in retrospect. Since we don’t have that, you need to examine the market and its tendencies. The market IS by ALL indicators still trending downward. Why buy when in essence you are losing money?
Just look at the local market here! More than 70% of homes last month were purchased BELOW ASKING. Look at The Villages new home prices, or perhaps their lot prices. View lots in Moultrie are down 40%. It’s a buyers market officially this month.
Yes, if you just want to burn money, buy. If not, it may be best to wait till the bottom hits.
Examining forces on price are the key to determining local market values: Mortgage rates, building costs, inventory, regulation, future costs including annual taxes, location and comparable comps are the tip of the iceberg. They are influenced by the more macroeconomic engines such as treasury note pricing , hourly wages, shadowed property values, local annexations and even square footage pricing on pre owned homes.
Then there is the entire demand side which is changing constantly. Inflation has made higher prices unaffordable PARTICULARLY in the Villages. The purchasing demographic are or will be forecasted to retire on a median fixed income. The number has decreased for this group significantly as indicated by employment of those once retired but now forced to work.
RETIREMENT IS THE SINGLE LARGEST FINANCIAL MOVE IN LIFE, followed by…you guessed it, BUYING a HOME.