Download Buying Against the Grain_Real Estate
To me it is very simple. Now is an excellent time to buy a home! Interest rates are unbelievably low and home prices are extremely low. There is a tremendous inventory of distressed homes (short sales and pre-foreclosures) as well bank owned REO homes weighing the market down and therefore forcing lower home values. As the economy improves, (which I absolutely believe it will soon) theis abnormally high number of foreclosures and REOs we are experencing, will dwindle, and the current inventory of homes will, slowly at first, get scooped up by investors or purchased by first time home buyers. Hence… As these empty REO homes are filled, home values will begin to rise for the rest of the market. However, once home values rise, interest rates will rise right along side, almost like a 2 person side car on a motorcycle. Where one goes the other will follow…
Needless to say there is alot more to our current real estate market than my brief synapsis here, however, currently we are in a Buyer's Market and have been for several years… I believe the worm is beginning to turn though. Hope you enjoy.
Thank You
Marc marc@mmsre.com