The debate wages on over if it is a good time buy a Greater Cleveland home or not.
Over the holiday weekend I was with my brother Brian. Brian lives in New York City and works in the mortgage backed securities trading market. Since we are both involved in this mortgage meltdown, Brian on the larger side, Erin on the local side, we had a nice debate on weather or not it is a good time to buy a house in Pepper Pike, Shaker Heights, or Cleveland Heights.
Since I am sure we are not the only household having this debate, I will now share it with you.
His side:
There are no economic indicators in Cleveland that will make housing values go back up. If you were to buy today and go to sell in the next couple of years there is no guarantee that your house will be worth more. So to make the statement that this is a good time to buy is not true. From an investment standpoint on your home, you may not make money. Therefore, it is not a good time to buy because a good time to buy would mean that you would benefit financially from your purchase in the long run.
My Side:
As a Greater Cleveland real estate expert, I find it hard to believe that this is not a good time to buy. Home values around the Cleveland area are down. Affordability is going up, higher in 3rd qtr then it has been in years.
A great example of this is a house The Weiner Real Estate Group has listed for $800,000. Two years ago this house was on the market for $899,000. Today it is listed for $800,000. The house is the same beautiful house, in perfect condition it was two years ago, however the market is not the same. A buyer wanting to buy a house in the $750,000-$800,000 range is now going to get a house that was in the $900,000-$950,000 range a couple years ago. How is that not a deal? How is that not a good time to buy? The savings is amazing.
Now, if the same person decides to buy this house for around $800,000 then decides that he or she no longer wants to live there in the next two or three years, I can not predict the market is going to allow them to sell the house for more then $800,000. It might be worth less. We just don’t know. No one can predict the future.
The point is, if you decide to buy now, you will be able to afford a house that might have been $50,000 or $60,000 out of your price range 2 or even 5 years ago. Our market is the biggest move up market since the great depression. Interest rates are low, and prices are down.
To me there is no question; it is a great time to buy.
No one can predict the future. If you want to find a great house that you love and may not have been able to afford a couple years ago it is a great time to buy. My job is to find you a home that you want to live in and love.
In life, sometimes you need to look out for your happiness and not just what will make you money in the long run. We don’t know what the future holds; we only know what is today.
To weigh in on the great debate, post your comments here.
Or if you would like some more information on how you can buy a home on the East Side of Cleveland, please contact Erin Snyder Oakley at 216-410-8221 or by email at info@NoPlaceLikeCleveland.com.
Homes for Sale Cleveland Free Market Snap Shot
