I know that almost everything that we read in newspapers or watch on television is mostly terrible news about the economy; short sales, foreclosures and job losses. Nevertheless, it is only 1 out of 10 homes that is upside down. There are 9 others that are fine. Even though unemployment is rising, it is only 7 or 8% of people that are unemployed. The other 92% are still employed.
With the announcement that conventional interest rates for purchasing a property might be coming down to an unprecedented 4.5%, something that we have not seen since 1960, if I was a Buyer, with a fairly secured job and money saved for a down payment, I would be running to see my Realtor to purchase my first home. What could I possibly be waiting for?; and there must be a lot of Buyers that fit this description.
If you need a home to live on for a reasonable amount of time, 5 years or more, my advise is BUY A HOME NOW. Prices are down, down, down, inventory is high, high, high. What are you waiting for?
I have been a Real Estate agent in San Diego for more than 30 years. I have seen many ups and downs. I have seen interest rates at 17%. I have seen much higher unemployment figures. When regular interest rates were 11%, there were many Buyers jumping in and purchasing their first home. NOW IS 5% AND IT COULD GO DOWN TO 4.5%. When real estate starts going up, it goes up really fast. As a smart Buyer quoted in the New York Times said "You can never time a bottom. This is a long term investment for us, and it truly is the best investment we have in our portfolio right now"
Last, !!!DON'T PUT OFF BUYING A HOME IF YOU NEED ONE!!!
Isaac Bensussen- Best Homes in La Jolla
Subscribe to CommentsComment