It has been a recurring theme the past few years where potential buyers are waiting because of home prices being too high, in hopes that they will go down.
In previous posts I provided a lot of population data and economic data to show how that is very unlikely.
Here's a different twist with over 100 of the top economists in the country surveyed with their forecasts for the next 5 years.
The survey from all respondents (and I think it was 150 this year) they have this years forecast at a conservative 3.3% which I believe we will easily beat, I think we are over that already with the data we have. The most interesting piece is the 5 year look forward where the consensus is they expect to see a cumulative 18% return on Real Estate over 5 years. Putting that into Dollars, a $500,000 home is forecast to be worth $590,000 in 5 years. That same $500,000 home purchased today with a with 20% down will have the $400,000 mortgage paid down to about $376,000 with a 7% interest rate.
Real Estate is STILL a great long term investment, and you get to live in it as well.
Give me a call for all your mortgage needs.
Mortgage Loan Originator NMLS# 248937
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
Since 1987 I have been helping my clients fulfill their dream of home ownership! CMG Home Loans is located at 222 Commons Way Toms River, NJ 08755. NMLS #1820. Visit www.RobertRauf.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721,