Aug 27, 2012

Bottom of the Real Estate market has Passed


"Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."
--Warren Buffett, American business magnate

The buy low, sell high mentality of successful investors is the key to real estate success as well. With home prices on the rise, the "buy low" opportunities are slipping away. Most savvy buyers seem to be finally realizing there are some very nice homes out there at some very nice prices.

The latest evidence came when home sales shot up in June and July while inventory continues to fall. Anyone contemplating a purchase should not dally. Median prices of homes are on the rise.

Mortgage rates are also rising. Rates have gone up about 1/2% in the past 10 days. Keep in mind that a 1% difference in your 30 year mortgage interest rate equals about a 10% difference in price. As rates go up, you'll be able to afford less home.
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9 comments:

gregortarquin said...

Real estate has ups and downs many time but this market can recover very fast because people always trust on this market and invest more and more money.

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john marshall said...

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john marshall said...
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The Nautical Condos said...

The bottom of the real estate market has gone now. Get more details from the post

Adam Lawson said...

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Greg J. said...

Great review of the current real estate market. I'm roofing contractor in Boston, and we always pay close attention to real estate trends. We're definitely in an interesting time right now.

Josh Freeman said...

Great post. I do roofing in Boston myself, and we base a lot of our work on forecasting the real estate market. When people are buying and selling, it means we receive an influx of inquiries from people in need of roofing work. Great post!

roofing Portland Maine said...

Gregg Camp, I agree with your statement about the buy low sell high mentality when it comes to real estate. The one thing I struggle with is what to do when the real estate market favors sellers and there is no clear point of entry. I've purchased homes that ultimately I overpaid for on several occasions, which is quite discouraging.

Res Course said...

The bottom of real estate market has gone down. Useful post