Is it time to Buy?

If you asked a used car salesman when it would be a good time to buy a car, what kind of answer would you expect?

Getting advice from someone who works on commission usually isn't the best place to get an unbias opinion.

ValyooTrends' Market Condition Summary Reports is your source for timely and unbiased market trends and information.

Here are some recent headlines coming from real estate professionals:

• Rising Affordability Spurring Return Of Home Buyers

• Generation Y: Surprisingly Bullish On US Housing Market

• Pending Sales Rise With Improved Affordability, Buyer Incentives

• Despite Downturn, Housing Plays Major Role In State's Economy

This sounds pretty rosy! But what this is not saying is rising affordability means values are declining and foreclosures are going through the roof in ways we've never seen before.

To be fair though, this rosiness may be due in part to the fact that most don't know how to read the data that they have, OR if they do know how to read the data (most don't even have access to it), publishing what they know wouldn't necessarily be good for their business.

As real estate professionals, we would be extremely cautious in advising the purchase of a home to anyone who has a limited understanding of real estate and investing right now because of what the trends are indicating for the future. Unfortunately, you generally won't hear this from your typical real estate agent.

Home ownership is an investment and is usually an individual's largest and most valuable asset. Yet few real estate professionals have the courage to admit that not everyone should own a home.

• Job Stability
  Is your company laying off or are you looking to change employment? Unemployment compensation is rarely enough to cover mortgage payments.

• Relocation
  Are you likely to be transfered within the next two to three years? If you had to sell due to a job transfer, your property would need to appreciate at least 10% to cover the cost of sellling, otherwise you'll loose money on the sale.

• High Debt Ratios
  Affordable homeownership is always at risk when high debt ratios exist.

• Maintenance Issues
  All homes require upkeep and maintenance. Not everyone has the ability, let alone the desire to continually tackle home repair projects. Some industry experts suggest that 5% of the purchase price should be set aside to cover maintenace and repairs when you buy a home.

• When Renting Costs Less
  If your mortgage payment would be considerably more than what you would pay for rent, it might not make financial sense for you to buy.

We are optismistic about the future and recognize that opportunity always arrives in adversity. Unfortunately, we haven't even begun to see how bad our housing market and financial future is going to get.

Foreclosures are climbing, layoffs are continuing and real estate inventory is skyrocketing in nearly every market across the nation. It is bound to get worse before it gets better, and this is to say nothing about what housing is doing to our banking system, but opportunity abounds for the informed risk taker.

Valyootrends' Market Condition Summary Reports provide a real "Unbiased Source" of market information to those making the decision between buying and renting. View a Sample Report Here

We know value and are dedicated to providing reliable market condition data, unbiased real estate appraisals, appraisal review and broker value opinions to the lending, legal, insurance, and financial services industries.

For more information or to discuss your needs contact us here.