Rent? BUY! ~~~~ own? BUY MORE!

By
Services for Real Estate Pros with wideiphoto

If you haven't already read numerous rightups about the housing market and mortgage rates and charted them all out you will find the window of time to capitalize on seriously profitable home buying power is slowly closing.  Not to say that you shouldn't buy down the road, but if you want the largest ROI NOW IS THE TIME!  deadline

John Paulson, billionaire hedge fund guru says "If you don't own a home buy one.  If you already own a home, buy another.  If you own 2 homes, buy a third.  Gift money to your family members so they can do the same." 

We all know the fence sitters out there who are holding out thinking either the market hasn't quite bottomed out or that rates will continue to fall.  Despite how accurate either of those 2 scenarios maybe, the bottom line can be summed up in one word ~ RISKY!!  If market values drop 2.5% but mortgage rates increase .25%... YOU LOSE! 

 

The fact of the matter is the mortgage rates have not been this low in over 50 years!!  You would have to be in your 70's by now to have been able to take advantage of rates this low at any other time in your life.  

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Same goes for the sellers of a home.  You can't sit on the fence waiting to sell your home just because the market is down a bit because chances are in this same economy you run the risk of interest rates increasing, which in turn negates holding out for an upswing in home values.  It's a lose lose for both buyers and sellers if the cards are not played right.

The New York Times reports that home values are falling the most within the lower priced home sector.  When the housing market was at it's peak, the lower priced homes experienced the most dramatic increase in most major metropolitan cities.  The same is now happening as the market values have been experiencing losses.

 

To the public......contact your real estate professional for a free home assessment & contact your mortgage professional to weigh out your options (I am always available ;) 314.619.4321) 

To the real estate professionals.......work together with your mortgage professional to spread the word of the urgency to take action.

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I surely hope everyone has a wonderful holiday season.

 

 

Posted by

Mark Schmitz

Mortgage Professional

636.262.9712

Comments (2)

Keith Vermilyea
Boise Homes Realty brokered by Found It LLC - Boise, ID

Good advice Mark, I am currently looking for another rental myself in the Boise Idaho market, prices may be nearing the bottom and interest rates are still great.

Dec 04, 2010 02:32 AM
Mark Schmitz
wideiphoto - O'Fallon, MO
Professional Photographer who sees things in their

How has the market been in your area?  Let me know if I can help with the mortgage if you find another rental.

Jan 13, 2011 06:23 AM