Regardless of what’s going on in the market, people will always be buying and selling real estate. According to Richard Gaylord, NAR president, 2007 existing home sales was higher than 2002 (which was a record-breaking year). Not bad in my opinion! We just have to remember to put things into context…We got used to the boom that we have recently experienced. Real estate is a long term investment, so we should not have gotten used to the short term high gains we had during the boom.
Looking at real estate as a long term investment (which it is) this is the best time to buy! Low interest rates and plenty of choices makes 2008 look like a great year to buy. New Orleans has a number of homes on the market that can fit anyone’s criteria! NAR is predicting that interest rates will remain the same throughout the year in the mid 6’s and that prices will remain…can that mean that we have hit the bottom and prices are about to go up by the end of the year???
As always, give me a call with any of your real estate needs.
Darryl Glade ~ www.DarrylGlade.com ~ 504.451.8960
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