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Financial News Icons Say Now Is the Time to BUY!

We received some tough news on housing last week. Prices are still softening. There was a lot of negativity surrounding these reports. The news caused more consumers to be concerned. However, the real question is what this means to you and your family. This could actually be great news if you are buying (either as a move-up buyer or a first-time buyer).

We don’t want you to take our word for this. Instead, here are excerpts from articles published last week by two of the country’s iconic financial publications: The Wall Street Journal and Forbes Magazine.

The Wall Street Journal: Why It’s Time to Buy 

“Despite all the gloom, there are growing indications that it is a good time to buy… The long-term benefits of homeownership remain very much intact. For now, at least, you can deduct the mortgage interest on your taxes—a big perk for people in higher tax brackets. You get to paint your walls any color you wish, without having to clear it with a landlord. And assuming you can buy a home for about the same price as you can rent one, buying will give you the ability one day to live rent-free. Come retirement time, a paid-off mortgage means your monthly expenses are significantly reduced, and you have a chunk of equity to play with.”

Forbes Magazine: 9 Reasons to Buy a House Now

“If you’re planning to buy a house right now, the next few months may be the best time to buy… With a convergence of the factors (mentioned in the article) all of which are favorable to the prospective home buyer, there may not be a better time to buy than right now. It’s a buyer’s market, but like everything else in life, the bargain deals won’t last.”

Bottom Line

When the Wall Street Journal and Forbes have articles saying now is the time to buy, maybe it’s time to buy


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29 replies
  1. Bert
    Bert says:

    Steve – I have followed and subscribed to KCM for the past 2+ years. Your posts have usually been candid, honest and right on target. You have always delivered the “reality” of the housing market. Be it good or bad….. you always presented the facts and backed them up.

    I have noticed in the past 3-4 months that your posts have become increasingly hollow in content, regurgitating other sources “spin” and talking out of both sides of your mouth. Now is a good time to buy; Shadow inventory is on the rise; How a house makes you fee …etc.

    I feel I am not getting the “straight” scoop from you any longer. It is perplexing. Is it due to the fact that you now have a large following and if you report the “straight, honest, no BS facts” that it could cause a negative significant ripple effect thru the psyche of real estate community? I don’t know. Just my humble two cents. But something has changed.

    To quote the WSJ and one of the reasons to buy a house as….. “You get to paint your walls any color you wish, without having to clear it with a landlord”. Seriously. This is what we are grasping on to? This is flat out nonsense.

    Where did the “supply and demand, pragmatic, quantitative” Steve Harney go? Now we are talking about bubble gum, butterflies and the freedom to paint your own walls.

    Maybe I am alone with my assessment of the past several months. If so, I will stand alone with my paint brush in hand.

    Reply
    • Steve Harney
      Steve Harney says:

      Hi Bert,
      Thank you for your comments. We at KCM try our best to report what we believe to be the most pertinent and current information of the day. Is it ‘blogworthy’ that the WSJ and Forbes both tell their readership in the same week that now is the time to buy a house? We think so.

      As far as us ‘talking out of both sides of our mouths’, we have never waivered from our belief that PRICES will continue to soften across most of the country and that if you are going to sell this year – DO IT NOW! ( http://kcmblog.com/2011/05/10/5-reasons-you-should-consider-selling-now/ ).

      At the same time, we believe that with interest rates projected to rise ( http://kcmblog.com/2011/05/18/where-are-mortgage-rates-headed/ ) and mortgage qualification getting more difficult ( http://kcmblog.com/2011/04/04/qrm-is-the-pendulum-swinging-back-too-hard/ ), the COST of a home is going up – so you should buy now.

      Also, the freedom to renovate their home without prior approval is important to people. As a matter of fact, the most recent National Housing Survey ( http://kcmblog.com/2011/05/23/national-housing-survey-what-america-thinks/ ) reports this ranks as the fourth most important reason people give for buying a home.

      Lastly, in regard to your thought that we are changing because we “now have a large following”, we want to say: We are blessed to have a rapidly growing readership because we write. We don’t write because we have a growing readership. We will continue to write blogs we think are important to our readers all the time realizing that not every blog will be important to every reader.

      Reply
  2. John Schneider
    John Schneider says:

    How can you, with a straight face, purport to hold these publications in such high esteem – two of the country’s iconic financial publications: The Wall Street Journal and Forbes Magazine – & agree with their advice – Say Now Is the Time to BUY! – when their message is positive on real estate and serves your purposes. Yet you ignore them or call them ‘naysayers’ and worse, when their point of view does not support your goals.

    Reply
    • Steve Harney
      Steve Harney says:

      @ John,
      I appreciate your passion. Just a couple of things.
      1.) I do in fact hold both publications in high esteem and have been a reader of both for over 20 years.
      2.) When have I ever called either of them ‘naysayers’?
      3.) Which articles are you referring to when you said that I ignore them “when their point of view does not support your goals”?
      4.) What do you perceive as my goals?
      Steve

      Reply
  3. john schneider
    john schneider says:

    You refer to ‘naysayers’ as anyone who doesn’t support the idea that ‘this is the time to buy’, and therefore include WSJ & Forbes & others because they don’t support it and in fact offer a very different opinion of the state of the market. And an opinion that is not he-holden to the real estate industry. Unfortunately I can’t at this time name the particular articles. But that’s beside the point. WSJ & Forbes & other publications have published many articles in the past 4 years that do not support the idea that ‘this is the time to buy’ & in fact have cast considerable doubt on buying during those particular times. And you’ve not quote or sided with them during. It’s obvious that your goal is to curry favor with the real estate industry. Rather than to be an objective observer of the state of the market and offer what may be good advice for consumers.

    Reply
    • Steve Harney
      Steve Harney says:

      @ John,

      I realize many publications said that real estate was not a smart investment four years ago. I believed they were right at that time. I also believe that they are correct today when they say THIS IS THE TIME TO BUY! This blog couldn’t have quoted those articles four years ago as the blog didn’t even exist. As far as me currying favor with the real estate industry, read some of the comments on the blogs we have written. There are many real estate professionals that think our message is far too negative (especially when we blog on future prices).

      As far as my advice to the consumer, it is quite simple. I agree with articles written in the last 10 days by the WSJ, Forbes, NPR and CBS Money Watch. They all said the same thing to their readership – This Is A Great Time To Buy! Do I truly believe this? The best proof I can offer is that my son just bought his first home.

      John, I realize you disagree with me on this point and I respect your opinion. Only time will tell which of us is correct.

      Reply

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