A recent New York Times article makes that case for this being a good time for 1st-time home buyers to get in the game. I couldn’t have written it better myself - and actually have written it before.

The writer points out the upside of the downturn, namely:

• prices are low
• prices won’t always remain low
• 1st time buyers don’t have a house to sell in order to buy
• there are programs to benefit 1st time buyers

All good stuff. And true. And I’ll add again that we all have to pay to live somewhere (unless you’re claiming squatter’s rights in your parents’ basement) and you might as well be paying your mortgage rather than the mortgage held by your landlord.

But then there are the comments made by readers of the article.

Wow. It seems to me that many of them missed the point. And some thought the article was irresponsible.

True that no one knows what the immediate future brings. We never have. We do know that just as there are always cyclical peaks for any economic metric, there are valleys. We also know that what is true for some parts of the country are not true for all. The reality for California and Florida is not the reality for North Carolina.

As for the notion that it would be foolish to buy a home unless you are certain the value will increase immediately - even if that increase is modest - is short sighted.

Year after year, generation after generation has willingly and happily purchased cars that are guaranteed to IMMEDIATELY begin to lose value. Before the first payment has been made, the thing is worth less than when you were handed the keys.

Yet 1st time home buyers should not take advantage of low interest rates, plentiful inventory and lowered prices until those prices begin to go UP? This makes sense?

It does not.

I don’t advocate for everyone owning a home. Not all people are cut out to be married. Some should never be parents. Many shouldn’t have a pet. And some folks are simply not cut out for the responsibility of owning and maintaining a home.

But many are and want to. If you are one of these people and you have the means and the inclination, don’t let others scare you out of it. (There are those who thought Xeroxing would never catch on because we had all that carbon paper that worked just fine.)

Talk to your peers, friends who have bought, a good lender. Be sensible.

Just remember that sensible does not = scared.

So, is this a good time to buy a house? Yes.

Is this a good time to wait? Yes.

Ask questions, find out your options. Follow your instincts and your heart.

Tags: $7500 tax credit, 1st time buyer, Greensboro, New York Times article, time to buy house

I’m often asked this by first-time buyers. And the answer is: whenever you’re ready, willing and able.

Buying a house is not like planting tomatoes where, if you plant seedlings in March you can count on a freeze wiping out your crop. (BTW, in the Greensboro area, don’t plant before the end of April)

Other than the very broad idea that one should ‘buy low’ and ’sell high’, there is not a particular season. And even the low/high thing is only part of what should be considered.

Certainly you don’t want to pay more for a house than it or its area are worth. But getting the help of a reputable lender, appraiser and Realtor can all help avoid doing that. Remember that you’re buying a home. And a home has intrinsic value that goes beyond making a quick profit. Indeed, making a quick profit is something you see some folks attempting on cable network shows and infomercials. There are people who have done it.

And there are people who have reduced their caloric intake by 30% for months at at time. That, too, is easier said than done.

No, it makes sense to buy a home because you want to control at least a part of your life. Sure, there are hassles to having to fix your own water heater if it goes out. But you get to paint your living room lavender if you so desire. You can deduct mortgage interest from your taxes. You get to show your parents that you are an adult after all. You can plant 50 tomato plants - after April 30th.

It just feels great walking into your own home for the first time. Really. It does.

And now is an historic “buyer’s market”. Plenty of inventory from which to choose. Still great interest rates. And as I’ve written before, if you’re paying rent, you are paying a mortgage. It’s just that someone else is getting the benefit.

If home ownership made sense 200 years ago, and through the Great Depression, and in the middle of WWII and even during the disco years - all times of real trauma - it makes sense now.

Start doing some research. And dream about lavender and tax deductions and tomatoes.

Tags: 1st time buyer, buyer's market, Greensboro real estate

Are they thinking about the season finale of  “30 Rock”?

Have they taken some Smiley-Grinny pills?

Did someone just tickle them?

No. They all just bought their first home. That’s right. They purchased real estate.

“But that can’t be”, you might say. “Don’t they know that it’s a BAD IDEA to buy real estate these days? Don’t they read the papers?! Someone should have stopped them!!”

But just look at Mindy…

And Ken….

And Karen….

And Feliz and Maria…

So, why ARE they smiling? Because, frightening press stories nothwithstanding, they know that owning your own home is a good thing. They are all first time buyers and were able to get good interest rates. They worked with a reputable lender, looked at homes that met their needs and their budgets, asked good questions and are all now enjoying the personal and financial rewards of investing in their futures.

Mind you, not one of them is looking at their houses as if they’re slot machines, spewing cash. Again, here in the Greensboro NC area, we’ve never looked for double digit appreciation. Steady, sustainable growth. That’s us.

And that’s why they’re smiling.

Now, drop me a note and let’s see if we can get grin out of you.

Tags: 1st time buyer, buyer's market, Greensboro real estate, home buyers