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The Wall Street Journal reported that the forclosure rate will double next year and Fortune Magazine is predicting that Los Angeles real estate prices will drop 25% next year yet Gilbert and Richard say buy now.
Gilbert and Richard have no shame. :-(
All the realtors here were telling the same thing last year. But prices came down at least 10% in the North East. (not the listing prices, I am talking about the sales prices) I am wondering where they are hiding now.
All same sentences from last year to this year: rates are historic low: (was 6.5%!!!!! ) and inventory is high. Rates are even more "historic low" now. That means realtors are not good at analyzing the market and economy, they couldn't see the future.
Go and search the 2007 posts, all of them were saying that 6.5% interest rate would not be possible in close future. Lets repeat again: what is 30 yrs rate today ? 5 (FIVE).
Lets come and find this topic next year.
Lrryjrry,
When you begin to see some stability. Examples would be 6mos or less of inventory for a period longer than 1yr. Prices that are more stable, If you are concerned about missing a bottom…don’t be, it will be here for awhile once it gets here.
Every since the day I became an agent it has been a great time to buy! 2005-06 was the peak for most of my area.
People said to buy because prices were going up/interest rates were good.
When prices began to fall, people said to buy because prices were falling and you could get a great deal.
Take this time to build your credit, save for a down payment and to find an agent who will take all the time you need to get you through the process. Buy a house you can afford with a fixed rate for the life of the loan.
"Rates have never been lower than they are now"
Yes, interest rates have been lower. And it is going even lower. There's a article in the WSJ today that says the feds plan to buy $500 billion in MBS next year to push mortgage rates lower.
So with housing price continuing to plummet in the majority of the markets, the Feds manipulating and distorting the markets, and an economy continuing to deteriortate, there will be an even better time to buy in the future.
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WHEN IS THE BEST TIME TO BUY????
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