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The Last Dumb Reason Given Not to Buy a Home


We believe very strongly in the benefits of homeownership. Over the last few weeks, we have been addressing some of the more questionable reasons people have been giving for not buying a house.  

Reason #1: Real Estate is no longer a good investment.

Reason #2: Renters are happier than homeowners.

Reason #3: Limited mobility is harmful to the country.

Reason #4: Never buy a house while prices are falling.

We will cover the last reason today. Dumb Reason #5: You can’t trust a real estate professional to tell you the truth.

This one always gets me upset. Just because someone is in the business of helping you find your next home or helping you arrange financing doesn’t mean they will just tell you anything just to ‘get you to buy now’. Are there unscrupulous people in the real estate business? I’m sure there are. Just like there are immoral people that have become police officers, doctors and even clergy.

However, most real estate and mortgage professionals are good, hardworking members of the community dedicated to helping families attain their housing goals. Are they saying that this might be the best time to buy a home in the last 50 years? The knowledgeable ones are saying just that.

Why? Let’s not take their word for this. Let’s step away from the agents and loan officers and see what others are saying:

“It’s a great time to buy a home. With the real estate crash, prices are way down and mortgage rates have never been lower.”

An article U.S. News and World Report (July 2, 2010)

"It's the best time to buy a house in America.”  

A CNBC article quoting John Paulson, #45 on the Forbes list of the world's wealthiest billionaires (June 25, 2010)

“We want to point out that the downside of investing in housing right now is about as low as you will ever see."

John Burns, CEO of John Burns Real Estate Consulting, in a Housing Wire article (July 7, 2010)

Probably the best people to ask if buying a home makes sense are the people who currently own homes. A recent national poll commissioned by Bankrate.com found:

Ninety percent of homeowners say they don't regret buying their home despite a nationwide tsunami of foreclosures, short sales and loan modifications.

The next time a real estate professional explains to you that it makes sense to purchase the house you just feel in love with, don’t question yourself or them. They are giving you great advice.

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About Steve Harney

Steve Harney is a residential real estate expert who specializes in market trends and authors a monthly informational presentation for top real estate professionals titled, "Keeping Current Matters" (KCM). Steve is often quoted in major news sources such as The U.S. News & World Report, MSN Money, The Chicago Tribune and The Los Angeles Times. He has received the great honor of being recognized as one of the 100 Most Influential Leaders in Real Estate by Inman News and one of the 200 Most Powerful People in Residential Real Estate by the Swanepoel Organization.

One Response to “The Last Dumb Reason Given Not to Buy a Home”

  1. ryan davison August 9, 2010 at 9:25 pm # Reply

    Great post. more consumers need to read this.

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