While most experts seem to agree that we need to fix housing before the rest of the economy can get going the congress hasn't figured out how to jump start the housing market. It looks like the senate will approve some sort of package early next week. One encouraging addendum that has been approved and will hopefully be added is the tax credit up to $15,000 for any home buyer. This will help jump start this market. If approved this will offer a great opportunity for any home buyer but you better act fast. With all this spending comes a price. With almost a trillion dollars of new debt we will probably see a rise in interest rates. There will be a window of opportunity to take advantage of low rates, low prices and a tax credit if approved. Keep a close eye on what happens this weekend and early next week and be ready to make a move!
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Sent from my BlackBerry Wireless Handheld
Saturday, February 7, 2009
What does the stimulus/spending package mean for housing?
Friday, January 30, 2009
Don't look back!
I was wondering today why more people aren't taking advantage of the low interest rates and the unprecedented buyer's market? While we have seen an increase in showings since the first of the year and existing home sales were up in December people are still sitting on the sidelines. My guess is that most people are waiting to see if things get worse or they have a house to sell and are not willing to admit their house is worth less today than it was last year or even 3 years ago.
My advice would be DON'T LOOK BACK! Forget about what your home was worth and think about what your home will be worth in 5-10 years. Then think about where you want to live in the next 5-10 years. If you are looking to move up in price it makes great sense to sell at a discount and buy at a bigger discount. Look forward not back. If you wait, you will end up getting more for your house but you will pay more for the new one. The bottom line is you will end up owing more if you wait and you will probably not be able to get an interest rate as low as they are now. So don't look back, look forward and act now before this opportunity passes!
My advice would be DON'T LOOK BACK! Forget about what your home was worth and think about what your home will be worth in 5-10 years. Then think about where you want to live in the next 5-10 years. If you are looking to move up in price it makes great sense to sell at a discount and buy at a bigger discount. Look forward not back. If you wait, you will end up getting more for your house but you will pay more for the new one. The bottom line is you will end up owing more if you wait and you will probably not be able to get an interest rate as low as they are now. So don't look back, look forward and act now before this opportunity passes!
Tuesday, October 21, 2008
Don't Trust the Media! It's time to buy Collierville Real Estate Now!
Are you thinking of buying a home or investment property but find yourself paralyzed with fear ? Do one thing.....QUIT LISTENING TO THE MEDIA NOW!
Where are all the major media in this country located? It is of course New York. How many single family homes are there in Manhattan? I'm pretty sure the answer is zero! Which is the same number of analysts that understands the Real Estate market. It is amazing to me that the housing market which drives our economy is so misunderstood by the media. At their best the media is behind the curve 3 months but more like 6-12 months behind. The numbers they quote on the nightly news are from the second quarter. The third quarter numbers have not made it to press yet. Add to this dilemma that real estate markets are very regional and the press has no idea what is going on.
Well what is going on is we are in the tail end of a Buyer's market. We can look back at history and see how we rebounded from past buyer's markets.
July 1980-March1983 Buyer's Market(The Deregulation of the mortgage industry got us out of this one. We went from having to put 20% down to being able to get 95% loans)
March 1983- Summer 1991 Seller's Market
Summer 1991-1993 Buyer's Market
1993-2006 Seller's Market (In Collierville we experienced a Buyer's market in 2000-2001)
2006-???? Buyer's Market( In Collierville we should rebound 1-2 quarter 2009, nationally it may be 3-4 quarter 2009)
The interesting thing is we always bounce back and the buyer's markets usually last 2-3 years.
Especially if you are a first time home buyer, don't have a house to sell or are wanting to move up in the local Collierville market you need to buy now!!!! This is the kind of market that 2-3 years from now you will be saying " I should have bought then!". The Real Estate market is like all other markets it has ups and downs. Warren Buffett said in a recent editorial in the New York Times "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful."
The housing market drives our economy and the federal government knows this. everything that can be done will be done to help the struggling housing market which will ensure the next Seller's market. Also interest rates are still at historic lows. There have been only 3 years (2003-2005) that the average 30 fixed conforming rate(according to Freddie Mac) has averaged under 6%. Rates are now hovering around 6%
Just ask yourself what is the safest investment where I can get the best buy? The answer is Real Estate. So quit listening to the media and contact a real estate professional today!
Where are all the major media in this country located? It is of course New York. How many single family homes are there in Manhattan? I'm pretty sure the answer is zero! Which is the same number of analysts that understands the Real Estate market. It is amazing to me that the housing market which drives our economy is so misunderstood by the media. At their best the media is behind the curve 3 months but more like 6-12 months behind. The numbers they quote on the nightly news are from the second quarter. The third quarter numbers have not made it to press yet. Add to this dilemma that real estate markets are very regional and the press has no idea what is going on.
Well what is going on is we are in the tail end of a Buyer's market. We can look back at history and see how we rebounded from past buyer's markets.
July 1980-March1983 Buyer's Market(The Deregulation of the mortgage industry got us out of this one. We went from having to put 20% down to being able to get 95% loans)
March 1983- Summer 1991 Seller's Market
Summer 1991-1993 Buyer's Market
1993-2006 Seller's Market (In Collierville we experienced a Buyer's market in 2000-2001)
2006-???? Buyer's Market( In Collierville we should rebound 1-2 quarter 2009, nationally it may be 3-4 quarter 2009)
The interesting thing is we always bounce back and the buyer's markets usually last 2-3 years.
Especially if you are a first time home buyer, don't have a house to sell or are wanting to move up in the local Collierville market you need to buy now!!!! This is the kind of market that 2-3 years from now you will be saying " I should have bought then!". The Real Estate market is like all other markets it has ups and downs. Warren Buffett said in a recent editorial in the New York Times "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful."
The housing market drives our economy and the federal government knows this. everything that can be done will be done to help the struggling housing market which will ensure the next Seller's market. Also interest rates are still at historic lows. There have been only 3 years (2003-2005) that the average 30 fixed conforming rate(according to Freddie Mac) has averaged under 6%. Rates are now hovering around 6%
Just ask yourself what is the safest investment where I can get the best buy? The answer is Real Estate. So quit listening to the media and contact a real estate professional today!
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