Jane is a savvy California REALTOR and makes an excellent point in this post. If you are waiting for housing prices to continue to drop while interest rates are creeping back up, you will gain nothing. NOW is the time to buy!
This information came straight from Fox Business, and in this article it states very clearly that "Even if real estate prices go down, interest rates may go up", which will nullify any gain you would hope to obtain from any price decrease. No one can predict the market and waiting could be the worst thing an investor can do.
Other real estate "Investment 101" bullet points:
- No one knows where the bottom of the market is until it is on the way back up.
- Go for the long haul - Rarely do people increase their wealth by owning property for short periods of time.
- All investments fluctuate in value over time.
- Long-term investing in cash flow-producing assets like real estate is the way to go.
- In the long run, say 10 years down the road it won't matter that there were price fluctuations in prior years, it's the overall equity that investors earn their equity.
- Don't be concerned about waiting until prices inch down a few percentage points, as stated because if interest rates go up from where they are then the wait was not beneficial.
- Buy a property to live in as your personal residence and change it to a rental. Owner occupants can get better financing and can put down a smaller down payment if needed. Moving out in a year or two into another personal residence that can become a rental property a couple of years later.
Jane Grant is a licensed Real Estate Broker in California, DRE 01109492
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Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
