A good time to buy?
Home prices have never been so affordable, beating even the 1990s on that score.
So don't get paralyzed by the short-term fluctuations of the economy - think long-term and go out and buy that house you have been pining for.
So goes this provocative piece in this weekend's Wall Street Journal. Given the play it is getting on various brokerage websites, it is fast becoming a rallying cry for Realtors across the country.
Having bought my Natick fixer-upper back in 2002, I am also a subscriber to the buy and hold approach to homeownership.
With the mortgage interest deduction still in place and the prospect of
living rent free in your retirement, the Journal piece argues that buying a home is still a very good
long-term bet, and I agree.
My wife Karen and I renovated and expanded our house back in 2008 not to boost its sales value, but because we like Natick and plan to stay here until at least retirement. We were able to add a second bathroom enough bedrooms so our three little ones no longer have to all sleep in the same room.
That said, there is a timing issue here.
Frankly, I am not so sure it is wise to simply ignore the mounting signs that more bad stuff is on its way, both for the housing market and the economy.
The economy appears to be stalling again, with job creation having practically ground to a halt. It raises the possibility that the double dip in the housing market might pull the economy down as well.
This could be a temporary bump in the road, as President Obama suggests. I certainly hope so.
Still, if I was renting right now, I'd certainly wait a few months to see how things shake out with the economy before putting money down for a house.
What's your take?
