Market News
Don't listen to the media, we are not recovering and the real estate market will continue to decline in 2010. This is a troubled sign for sellers but could be an opportunity for buyers or investors looking for good deals. Investors that bought in 2007 & 2008 got burned because the market was far from the bottom and they lost at least 20%. Now they are upside down. First time home buyers & investors that buy in 2010 can't expect to re-sale in 2011 or even 2012 without losing money. The market must level out for a period of time usually 2-4 years before we see an increase in appreciation.
I think one of the reasons to buy is because of interest rates. I have seen first time buyers lock-in fantastic interest rates in 2008-2009, 30 year fixed between 5%-5.5%. This will not continue RATES ARE ON THE RISE! most likely in the spring of 2010. It would still be a great move to buy this year because you can beat the higher interest rate even if prices go down you will be better off. The key is you have to be prepared to keep your home or investment for at least 3 years.
Contact me by email or phone anytime.
