Sep 25, 2008

Once the bandwagon has gone by ...

... it's too late to jump on. If you're one of those folks trying to 'time the market' and decide if this is a good time to buy real estate, then consider this a sign.

Yes, we are in a buyer's market. No, this market will not last.
Just to put things in perspective, in the Dallas 75230 zip code:
the average sales price has fluctuated between $820,000 and $880,000 over the past year. Monthly headlines shout about how prices are down 2% or up 4%. That isn't a huge amount. The big news is that they have dropped at all. We typically see a single digit rise in prices every year (3 to 8% depending on the exact neighborhood, age, ...). After this downturn, we may see period of double digit increases - especially if mortgage rates stay so low.
So if you're waiting ... don't wait too long. The good opportunities may be gone. [where: 75230]

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