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Dear Sam…. is there a wrong time to buy?

Posted by Rona Fischman  May 3, 2010 02:12 PM
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Sam Schneiderman, Broker-owner of Greater Boston Home Team answers email from a couple who found their dream home at the wrong time.

Here’s a summary of an email that I recently received: “Hi Sam, I'm not sure if I should even be investigating this property since this isn't the absolute best time for us to buy, but this is the rare home that my wife and I both love.We went to the open house about a month ago. Since then I've been watching it.

To buy the house, we would have to sell our house. My wife is pregnant and due in the next month. She’s on bedrest and could deliver any time.
As I said, this is not the best time. But I love the house and also worry that rates are only going to go up. What do you think?”

I replied: “It’s pretty unlikely that a seller's agent would advise a seller to accept an offer from someone who has to sell their home first in order to finance the purchase. Even if the sellers accepted, their attorney would probably try to kill that part of the deal before it made it to the P+S.

Your family situation is the most important thing right now. Buying or selling a home isn’t without stress. Doing both at once can be even more stressful, no matter how hard we work to avoid it. If your wife is on bed rest with an unpredictable due date, I can't see how trying to buy one house and sell another would not produce high anxiety, which is probably the last thing that she (and you!) need now.

All of our friends that have children have commented that the time before their first child was born was a special time for them as a couple. My wife and I agree. In my opinion, it's well worth trying to put everything else aside to enjoy this time together as much as you can. There will be other homes that you’ll both like.

Most predictions last year said that mortgage rates would be higher now than they are. Now the word is that they should be somewhat stable for a while and then increase, but who can be certain?

Some predict that home prices may soften again. Prices typically soften in the fall and winter due to less seasonal demand. If you’re ready then, and can sell your current home, that could create another opportunity for you.
Only the two of you can make the final decision as to how you want to proceed at this time. I hope my comments/observations have been helpful.”


What advice would you have given?

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.
Rona Fischman is a buyer's agent who provides a look at the local housing scene, from basements to attics.
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