3 Reason to Buy in A Down Market

I'm going to talk about three reasons why you should buy a property in a down market. I've been in this business almost 20 years, and no matter what the market's doing, buyers have concerns whether they should buy or not, whether the market's going up. They're worried about overpaying or if the market's going down. They're worried about their property being worth less than what they paid for it in a period of time.

So let's get to the three reasons. Number one, if you're renting, buying a property is better than renting for three reasons. One, each month you're going to make a payment and that's going to lower your principal, which is building equity. You're basically paying yourself each and every month, even though you're paying a mortgage payment. Some of that's going back into like a bank account in the form of equity.

Next, you're going to get a tax write off for the interest that you're paying each and every year. And then the third reason is simply based on the premise that owning a property affords more stability than renting. If you're renting, you may have a lease for a year, but you never know if the landlord's going to, you know, raise the rent the next year or if they're going to decide to sell it and kick you out or they don't like you.

So they're going to kick you out and get another tenant. Owning a property gives you that stability. You know, where you going to live for a period of time. You're in control and your payments are traditionally going to be set for a long period of time. Now, the next thing that I talk to buyers about, if they're considering buying in a down market, if you're going to live in this property for a long period of time, it doesn't matter what the market's doing.

If you're considering staying there for five or seven or ten years, then we have no idea what the market's going to be doing at that time. So as I always like to share a story about myself, I bought one of my first properties here in San Diego. Two years later, it was completely upside down and worth $200,000 less than what I paid for it.

But I was in control and I didn't sell the property. I still own that property today and it's worth three times what I paid for it and I turn it into a rental property so I make money each and every month as a supplemental income. So if I had been worried about the market going down, I wouldn't have been afforded that equity and opportunity.

The last thing I tell people that are considering buying in a down market, you really need to think about how is this going to affect your quality of life. For some people, I talk to buyers there in a two bedroom condo and they have a couple of kids and now they're bought. The husband and wife are working from home and they just need more space.

And if they were to buy a property and be there for a period of time, that would change their life drastically. Instead of worrying about what the market's going to do over the course of the next year or two. Focus on your quality of life. So those are three very specific reasons and why you should buy in a down market.
Be sure to check out my other video in regards to three reasons why you shouldn't buy in a down market.
Contact Broker Kurt for more information:

Kurt Wannebo

BROKER ASSOCIATE | CEO

DRE# 01468255

Wannebo Real Estate Group

888.473.7324 ext 1

http://www.WanneboREG.com/
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Видео 3 Reason to Buy in A Down Market канала Wannebo Real Estate Group