The Experts Have Spoken: NOW is a Great Time to Buy a Home!

You may have heard the radio spots or maybe you’ve seen the TV and print ads with these messages: Mortgage rates are low and home inventories are up… Market conditions have never been as favorable as they are right now… Today’s economic climate is perfect for home buyers!

According to the National Association of Home Builders’ website, the housing market is experiencing a cooling-off period from the surge of several years ago. As a result, more choices are available for home buyers than ever before, making today’s environment ideal for buying a home. Read on as the Executive Officers of our local Home Builders Associations weigh in on the advantages of buying now.

“A home is obviously something an individual or family needs,” says Nick Tennyson, Executive Officer (EO) of the Home Builders Association (HBA) of Durham, Orange, and Chatham Counties. “A home isn’t bought as a speculative effort; a buying decision is made based on needing a place to live. Choosing to buy a home that you like as opposed to waiting to see if prices could drop may mean spending time living in a place you really don’t want to be. Prices fluctuate, but the benefits of home ownership, such as the enhanced lifestyle you receive from the ability to quietly enjoy your own property, make it a good time to buy.”

As a 22-year industry veteran, Tennyson says that while viewing today’s market as a great time to buy, consumers should consider the amount of time a building company has been in business.

“This industry goes through cycles,” Tennyson comments. “A company that’s been in business for a long time usually means that it delivers value when times are tough as well as easy. I think that means something. Consumers should also give credit to builders who are members of our professional organization. These are companies that want to stay up-to-date on what’s happening in the industry. There’s no requirement for builders to belong to an HBA – it’s a decision made by companies wanting to better themselves. These are factors that consumers should, in my opinion, take into account when making a buying decision.”

Just across the Durham-Orange-Chatham County borders, Tim Minton, EO of the HBA of Raleigh-Wake County, agrees that the time is ripe to buy a home.

“Housing prices are inexpensive here, compared with so many other marketplaces,” says Minton.  “The Triangle is a great place to live. We continue to make the ‘Top 10’ lists for best places to live and do business in the country. Companies continue to relocate here. We have great schools and universities. We’re two hours from the beach and three hours to the mountains. The Triangle is truly the perfect place to buy a home… now!”

The HBA of Raleigh-Wake County was one of the initiators of the 2008 Triangle ad and public relations campaign on the benefits of buying a home now. The Raleigh Regional Association of Realtors®, the HBA of Durham, Orange and Chatham Counties, and the Durham Association of Realtors® quickly joined in the collaboration to educate consumers on the many reasons to move forward in buying a home in one of the hottest real estate markets in the country. Ads and press releases touted the numerous home choices in all price ranges available in great locations throughout the Triangle, with builders, Realtors®, and mortgage lenders at the ready to answer questions and assist.

“With so much negativity in the news about the building industry, we wanted an opportunity to counteract,” says Minton. “My sense is that activity is on the upswing. My advice to those folks sitting on the fence is this: You’re going to miss your chance at a great deal if you don’t make the decision to buy now. The market is already changing, and prices will increase, not decrease. Now really is a great time to buy a home.”

Sherry Pinney-Phillips, EO of the Johnston County HBA agrees to the opinion that prices won’t go lower than they are right now.

“Builders have been motivated to sell,” Pinney-Phillips says. “The economy has driven builders to offer better deals than ever before, but I don’t think Johnston County home prices will continue to decrease. Taking advantage of the low interest rates currently available means that consumers buying today will have more home equity in the future. That in itself is a terrific reason to buy now.”

“Our economy is much better than in many parts of the country,” Sherry continues. “We offer a diverse range of housing, from starter homes to million dollar-plus homes. Our towns and communities feature great amenities, easy access to major thoroughfares, and close proximity to shopping, restaurants, and cultural and sporting events. Our list of good reasons to buy now is lengthy, and we’ll be happy to share them with anyone who comes to see us.”

Rosemary Champion, EO of the Franklin County HBA echoes Sherry’s sentiments.

“Having been in the mortgage banking industry for many years, I can tell you with assurance that buying a home is the best investment you can make,” says Champion. “You simply can’t get the same return on other financial products. Today’s market is geared towards buyers… Prices, inventory, and interest rates are ideal.”

“We live in a beautiful area, with countless assets to our communities,” Champion continues. “Making the decision to buy now really should be an easy one to make.”

The Parade of Homes event, which is presented by the Home builders association in the fall, gives consumers the opportunity to tour the latest and greatest in new home construction. This past spring the Johnston County HBA organized a Spring Extravaganza and the Franklin County HBA coordinated a Showcase of Homes for the same purposes.

“We want to give the general public great opportunities to see what our builders are doing,” says Champion. “We want to spread the word that in our estimation, now is a fantastic time to buy a home.”

So what are you waiting for? Get out there and see what’s available. You might just decide that these experts are right, and that NOW is the time for you to buy!

For answers to frequently asked questions regarding buying a home in today’s economic environment, visit nahb.org. Click on “resources,” then “for consumers,” then “answers to home buying questions.”

REBECCA NEWSOME, MIRM, IS A FREELANCE WRITER