Let’s face the facts we are in a transitional market - We all know that real estate is cyclical in nature - Low mortgage rates are a key reason, and home costs are low.
We may face our fears and that will be inflation. Let’s realize one fact we are currently in a recession. The economy is digging a bigger hole - because of the unemployment.
The ongoing trend - Banks buying each other out and this means lots of belt tightening.
What does this mean? We as buyers need to go out there and buy a home. Mortgage rates will go higher and buyers will be unable to afford their potential new homes.
So at this moment you think that it will get lower – you are thinking about California, Florida, and the Mid West. New York has bottomed out and it’s in the process of leveling.
Once again this is the right time to buy. We have to keep our eyes open - once the banks start receiving money and they let go of their belts - Many buyers will come into the market and prices will rise.
Keep this in mind - When more buyers come into the market - it increases the price, so this is the time to buy.
Just sharing some helpful tips - Hope it helps.
