Is Recovery In Sight?
Answer: Â Who KNOWS?
Second answer: Â No one. Â But let's not let that stop us from speculating.
You and I are reading the same headlines: Â "Is Real Estate on It's Way Back?", Â "New Home Sales Up" and so on. Â First of all, yes, real estate is on its way back. Â It'll be here some time in the future. Â You can wait for it to get back and live in your truck until it gets here or you can rent a house or apartment or, heaven forbid, TAKE ADVANTAGE OF THE LOWEST PRICES, INTEREST RATES AND INVENTORY SELECTION IN THE PAST 50 YEARS AND BUY A HOUSE! Â Seriously.
One thing I do know is that no one knows when or if the market will fully recover. Â Here's another thing I know: Â It doesn't matter. Â
Here's what matters, in my humble opinion. Â If you have chosen to live in a house or other enclosed structure instead of a teepee, cave or hollow log, you should buy a home. Â Interest rates on 30-year mortgages today hover around 3.5%, prices are down in most areas 35-70% from 2006 and inventories are high, selection is good. Â In other words, Macy's is having a sale. Â If you ponder the fact too long, you'll miss the sale. Â Signs that you have missed the sale will appear in the news media about six months after the sale is over. Â
Those headlines will read: Â "Is Real Estate on It's Way Back?"......,