Page 4 - 2 LAKEWOOD EDGE FEB 2019 FINAL_Lucid

Q & A with the real estate expert
ASK ALLISON VAN WIG

IS NOW THE RIGHT TIME TO BUY?

Q in an apartment A First, it’s helpful to spurred the rental market. to work. What they won’t children are not quite school
Dear Allison, My
Dear Janet:
home prices seem to have accept a longer commute you won’t sacrifice. If your
husband and I live
The NAR’s survey of bend on is the quality of the age, then you have time to
remember that the
in a development Federal Reserve raises the aspiring home buyers showed neighborhood and schools, rent a modest house until you
known for its walkability and rates at which banks lend to non-owners often are content as well as their proximity to find a home that meets (or
neighborly residents. Living each other, not to consumers. in their rentals because, at the friends and family. exceeds) your expectations. n
here has been a joy, and it was Mortgage rates are indeed moment, they accommodate Circumstances seem to
terrific when we were in our rising, but no more than their need for flexibility. give sellers the upper hand, but
20s, but as we approach our anyone should expect after Some stay put because just as home buyers may need
mid-30s with two children years of historic lows. In they can’t afford to buy a to rethink their expectations,
added to our household, 2015, when mortgage house or just don’t want so should the sellers who
we must admit that the interests were at 4 percent, the responsibility of owning hope to capitalize on rising
community is unlikely to industry professionals one. If push comes to shove, home prices. Those increases
evolve with our needs. We erroneously predicted they they’ll rent a cheaper place, are slowing down, and more
think it may be time to buy a would reach 5.5 percent in get a roommate or move in than half of all properties sold
house, preferably in the same 2016. It wasn’t until 2018 with a family member. in U.S. metropolitan areas in
general area and close to our that the rates touched the Some apartment dwellers 2018 fetched their original
jobs. Some of our friends 5-percent mark for the first would stay in place for 10 list prices; some economists
bring up the Fed and rate time in 11 years. years or more, barring a suspect that even fewer will
hikes and high mortgages. According to the National significant life change – such sell at list during the first
What does that all mean? Is Association of Realtors® as having kids. But then, quarter of 2019.
this a good time for us to buy 2018 Profile of Home Buyers many put off purchasing a Ultimately, you should Allison Van Wig
a house or not? Should we go and Sellers, while 77 percent house because child care eats a base your choice on what is (CA DRE #00985700) is the
ahead and move, rent a house of homeowners were ready sizable chunk of their budget. realistic and practical; don’t Owner of Van Wig & Associates
and wait to see what happens to sell, only 55 percent of Those who do decide to buy let your ego steer you toward you can call or email her at:
with the market? millennials felt ready to buy. are likely to compromise on the fanciful. Determine what 562-882-1581 or
Janet Besides, sharp increases in size, style and price, even you can live without and what Allison@superbroker.com

Go to: www.LakewoodPrices.com

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