The famous Aesop fable tells of how the ant prepares for winter and the grasshopper does not. Inevitably, the grasshopper relies on the ant to help him through winter, hopefully teaching the grasshopper a lesson for next year: Improvidence never has a return.
The same attitude applies to our current real estate market. Those who are not preparing to buy a house in this depressed market may end up spending more in the future. Just because everything looks cheap now, arguing that it will be cheaper later doesn’t help you in the long run. You can miss out on some of the great advantages available only at this time: low interest rates, tax incentives, buyer’s market, elevated supply of homes.
The ant in spring and summer sees the bounty available at this time of year and prepares for winter, while the grasshopper rationalizes that he can do just fine on what he sees available now. 2008 has seen some amazing reductions in home prices, making it more affordable for new buyers to take advantage of home ownership. The truth is that it’s cheaper to buy an existing home now than to try and build a new one at current construction costs.
Whether you are a renter looking to buy your first home, or a current home owner thinking about getting a larger home, or even downsizing, now is the time to act. If you can afford it now, then don’t let this market pass you by. An agent like myself can help you find solid deals and help you negotiate favorable terms for your purchase. Get ready for winter with a home purchase this spring and summer!
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