These are the scariest economic times that I can remember.
The President of the United States is attempting to instill confidence by telling us to act quickly or we face certain doom. The Congress is saddling the nation with mountains of debt called "investment" and drafting a spending bill with another 9,000 earmarks. Meanwhile, despite the distraction of a sideshow fight between Presidential advisors and a radio talk show host, the stock market is tumbling. I have friends that have lost hundreds of thousands of dollars of value in the stock market.
Who knows when and where it will all end up?
What if this is 1931?
What if our country is facing 10 years of depression followed by five years of war?
Does that mean you shouldn't buy a house?
Would it be wise for a buyer to postpone the purchase until this mess is ended?
In these scary times even the most brazen buyer must pause before signing that dotted line. Even the most stalwart optimist has to feel a little wobbly right now.
But ... life goes on.

Even during the Great Depression, even during a World War II---life goes on.
Life goes on.
I assure you: during the Great Depression mothers birthed children. Even in the worst crisis, people need new homes and land new jobs.
Whether it's after the Depression, the Recession of the '70's or after the U.S. Civil War, young adults leave home and take up their own space. Retirees are downsizing today.
For one reason or another at this exact moment people want or need to buy homes right now.
If you're one of those people who need a home, you can take advantage of the turmoil to secure a bargain. Or you can postpone your life's needs for 10 to 15 years. I submit that postponing your life is not only foolish, it's impractical.
For example, if you need to buy an extra bedroom for junior you can't wait until the economy is right for junior. In 15 years junior won't be living with you anymore. He'll be a young adult with a chip on his shoulder because he slept in the living room for the last 15 years.
The fundamental questions.
If you find yourself in a position where you are considering purchasing a home, you have to come back to the fundamental questions that many buyers didn't consider for the past five years.
- Can you afford it?
- If you can't afford it, don't buy it.
- Is it the home for you?
- Your perfect home is for sale right now. Don't settle.
- Do you need it or want it more than it will cost you?
- Measure your budget against the amount of happiness the home will bring you. Would you prefer a vacation or a big screen TV or would you prefer to own this house?
These are the fundamental questions of buying a home.
If you can afford the price, and this is the home for you, then, economy be damned, you should buy the home. Things aren't getting better soon, but life still happens. Each breath you draw brings you closer to the last one you draw, so you might as well live your life in the manner which serves you best.
Where do you want to live?
If you pass up on the home that you want, need and can afford because you're scared by economic news, then you'll spend the next fifteen years living in regret instead of in your home.
Where do you want to live: in your home or in your regrets?
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About the Author --- Will Nesbitt is the principal broker of Condo 1 Alexandria / Will Nesbitt Realty LLC. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County. |