Buyers ask…Cara in the House answers

| Wednesday, April 27th, 2011 | 3 Comments »

Here are 2 questions I get a lot: “Are prices still dropping?” and “Is it better to rent?” There are of course many other questions I get asked such as “who does your hair, its beautiful” and “where do you shop, you’re so stylish.” OK, that’s not really true but I do have answers to those as well!

The first question about whether or not prices will continue to drop is on a lot of people’s minds, not just buyers. The answer I usually give is: “I have no flippin’ idea, I’m not a fortune teller.” No, I don’t really say that but I do tell them its important to check with a mortgage person (I know some good ones) because if interest rates rise (which they might) then what does it matter if prices fall.” Waiting for prices to bottom out while rates are increasing can wind up costing more over the life of the mortgage.” (this is a quote I “borrowed” from my REALTOR magazine)

Onto question number 2. Should you rent vs. buy? My answer is “not if you can afford to buy…DUH.” OK, I don’t say it like that but truthfully if you think about the reasons people want to buy a home its not always about money. It’s about stability, being in an area you desire, being in a good community or school district and having control over your space. Ask any renter who thought they were secure in their home and suddenly had the owner tell them they had to leave…I’m sure they will tell you it wasn’t much fun. So, if you have the means to buy, do it. Think about what else you’ll be gaining in both the short and long term.

If you have any other questions you’ve been dying to ask, I promise to give you an honest, educated answer. Just as long as you don’t ask me what my natural hair color is because at this point, I honestly have no idea.

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  1. Jeff says:

    Great post. Both very common questions and so very tough to answer!

  2. hannah says:

    Should I move to the Eastside? Or stay in Seattle?

  3. Cara Erdman says:

    My honest and very educated answer is EASTSIDE! DUH!

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