For sale in Thousand Oaks

With the real estate market slowing due to rising rates and a lack of affordability for a growing segment of the population, it’s easy to find reasons to put any home purchase plans on hold.  The most common mantra is that we are poised for a pricing correction and if you wait, a better opportunity will come along in the future [Find us on social media here].  While this argument has merit, there are reasons that waiting is not the right decision for you.  Here are 5 reasons you should buy today:

Reason 1: You’ve been waiting, saving and your dream home just came on the market.  This should be a compelling argument.  Since real estate is a long-term investment, when the right home becomes available, don’t wait because you don’t know the next time that “perfect home” will come along.

Reason 2: There’s a substantial change in the family dynamic.  With Millennials now representing 43% of the home buying populace, a growing family is a big reason to sink roots and buy now.

Reason 3: Rising inventory creates opportunity.  Maybe you’ve been waiting to buy due to student debt which you’ve finally paid down or maybe you just haven’t seen the right home come along or maybe you’ve been out bid time and time again.  Rising inventory means that you have better selection and less competition.  It also means that with fewer buyers for each property you may have a better negotiating position which you can leverage into a better price.

Reason 4: Rising rents.  Despite a slowing housing market on the purchase side, rents continue to rise.  This trend is unlikely to change and in fact with a slowing housing market due to rising interest rates, many would be buyers are choosing to stay in their current rental.  This will put even more pressure on already tight rental inventory and since there will be fewer rentals available rents will continue to rise.  I was just in Golden, Co and saw on Zillow that there was not one 4 bedroom home for rent.  Not one.

Reason 5:  Inflation.  This is a two reason, reason.  First inflation means The Fed will raise rates.  If rates are rising, buying today allows you to lock in what is still considered to be an historically low interest rate for 30 years before they go up again.  The second is that housing is a great hedge against inflation.  Remember inflation means rising prices and despite the popular thinking that inflation means home values will decline, that truth is that when prices for goods and services rise, real estate is not excluded.  Inflation means that the dollar buys less/is worth less over time yet unlike cash however, hard assets like real estate go up over time. [Contact Tim here]