Let’s talk about some buyer fears.  It’s almost October, we’ve already started thinking about halloween costumes. My son wants to be a zombie and my wife wants to look pretty, what are you gonna do? Why are you afraid of buying? I’ve got three things, if there’s more, leave that hate in the comments that’s what the internet is for!

Fear No.1: What if the house goes down in value after I buy it? Well, values are relative to what the market is doing. And this recession that the Fed is forcing is not meant to be permanent. It may not be a good time to buy a car, or any short term asset. But the long term value of a house is not necessarily going to hurt because of this. At most the projections I’m seeing are saying that this dip in our economy will last a year. I think people are doing a good job of anticipating it and saving what they can, but if you have the money to invest, I’ve heard it said that our real estate economy is stronger than that of some European countries. It is a huge market, and it’s where our countries richest people have their money for a reason.

Fear No.2: You need to sell in order to buy, and it’s a buyer’s market out there. What happens if you put your house up for sale and don’t get what you want to buy what you want? I mean look that’s a real concern, at any time. I would say that’s actually the most common concern of any seller I work with, so let me just play the worst case scenario survival game. What’s the worst that can happen? You don’t sell, then you can’t buy. What then? You wait. What if you get an offer for $50k less than asking? You don’t have to accept it. Look, if you have issues selling the house, either you didn’t plan according to the market, or you’re unrealistic about the price, or something. But, if you get a great offer on the house, more than likely that buyer will work with you to ensure you are able to buy something else because it’s something the market does dictate right now. Worst case, don’t take an offer that doesn’t actually work for your needs. And it’s, you know, buyer season evidently, so when you do sell, go get you one of the houses on the low-low nahimsayin?

Fear No.3: Rates are too high. This is the last because I’m tired of saying it. I wish it wasn’t the case, but debt games aren’t hard to play if you know how to play them. I mentioned it a couple videos ago, this is not a great time for rates – but you can combat this in the negotiations, asking the seller to offset those costs by buying the rate down some. It’s all about staying within your current means, and knowing that when the rates go down, you should be able to refinance to get a better rate. I bet my lenders wish I would stop saying this, but it’s just the reality. It’s how the system is set up to work – how else can we afford these home prices.

All that said, if you have other concerns I’d like to know about them, I’m interested in your thoughts and I’d love for you to leave a comment and let me know.  Talk to you soon.