Expert: Dottie Worthington - 5/30/2008

Question
Hello, we're in the process of looking into having our dream home built in San Antonio. At first we was puzzle about living in Texas or Georgia but the benefits for us living in Texas out weighed the benefits for us living in Georgia.

In three weeks we will be meeting with a Custom Home Builder in San Antonio. The cost to build our dream home is around $500,000. We're looking to do a complete cash purchase, this is our final move, so we're designing the home as our final and last purchase.

Just as I thought we had everything under control, my mother's friend who is a real estate agent stated buying now is not a good time. She suggest we rent for now and wait a few more years before we purchase. Her reason is because of the market and it would be years before our home is even worth close to what we're paying for it.

My view about the entire market is we're ready to purchase, we're ready to settle down in a family community with excellent schools. I'm not so much interested in the market since we're not looking to resale or leave our dream home. We're military and we're at the point that we're tired of moving and ready to just settle down with our family. For so long you hear it's better to buy than rent and now we're starting to hear it's better to rent than buy. Why is that? What is going on? Do you think we should wait before we have our dream home built?

Answer
Sherry:
I say build it! Texas is not having an off market like most of the seaboard states. It is not as bad as they say in the media. Look at the real numbers. You are right, you are not going to be selling soon, and things are not going to be cheaper in two years, just a lot of wasted rent money.