What Is the Future of the Real Estate Market:
Buy NOW with a 30yr Fixed Rate mortgage
I recently answered a question on TRULI.com about the future of the real estate market. Here’s what I had to say about that:
The future of the real estate market is the past: it is CYCLICAL. As with many other markets—commodities, stocks and bonds, comic books and baseball cards—prices, values and activity go UP and they go DOWN.
If you seek to buy a home to live in and to reap the intangible benefits of homeownership, then the LAST thing you should be thinking is about market peaks and valleys. Create your “dream list” of location and features you want in a home. Get prequalified for mortgage financing so you know your limits in terms of the monthly payment for a mortgage loan. Then jump in the water, so to speak, and buy your home.
If, on the other hand you’re attempting to “time the market” well,
Good Luck with that.
In my nearly 24 years working in this field, I’ve seen many different “markets” come and go. But one thing has been constant: many people want to live in a home of their own. To them it doesn’t matter what the “market” is doing.
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Hope that helps!