Your house is your home first

Today's real estate market has it's challenges.

 The challenges are not new, but they feel new to many in the real estate market today.  Many people have not experienced the ups and downs of a real estate market.

The loans that were out there let people purchase homes above their means and at the same time trained them to believe their home is an investment 1st then a home.  Traditionally a house purchase is a home 1st then an investment.   Our market was climbing so fast it was easy to buy a home, watch the value go up, sell it then buy a bigger more expensive home.   Lenders were not trained in helping people buy right but as salesmen to move the product.   The real estate agents couldn't avoid selling a home with all of the flurry of activity.

Where does this leave us today?  

Well for starters, we went through a period of declining demand as "too good to be true loans" went away.
This resulted in declining prices, increasing short sales and foreclosures plus increasing uncertainty in the market.

Now that the fog of that market slowly lifts, buyers are enjoying low rates and many choices to buy.  The sellers are no longer in fear of losing value and in the next 3-5 years many professional sources are predicting growth in the next 3-5 years.   This supports the traditional value of viewing your house as a home 1st that gives you long term gains (equity and market increases).

It is a great to own a home right now as values in the long run will gain.   Many people say they over paid for their home.   They didn't.   They paid what the market called for at the time.   Today's market may not reflect this, but time will help heal those wounds.

So start to think of this purchase as a place of your own that will give you long term gains and tax benefits along the way.  Short term home buying is a thing of the past.