So What is Going on With This Real Estate Market??
In last Sunday’s Orange County (California) Register newspaper, one of my favorite Real Estate experts, Jonathan Lasner, headlined his weekly column “House hunters back off as buying hits 41-year low”. You may wish to read the accompanying article. Let me paraphrase: Interest rates are still close to 7%, values continue to rise, and inventory of available housing is at a near all-time low. Many are saying they will stay away from the market until things get “BETTER”
Well, let’s see how that works. In 1971, interest rates were at 7.33%, higher than they are now. If buyers and sellers decided to wait until rates came down, they would have had to wait until 1993-22 years later! (as an aside, I began my real estate journey in 1979. Within a year, interest rates went up to over 16%) Waiting for rates to drop would not have made much sense. Further, by 1993, prices had quadrupled in California! In fact, rates started to go up again in the 90’s. They were at 8% in 2000.
Waiting for market changes to make your move is always an issue. If interest rates drop, prices and activity go up, offsetting any interest rate advantages.
As I’ve always said, the best time to make any move in real estate is when it makes sense for you. Also, as always, it makes a lot of sense to utilize the services of a knowledgeable experienced agent (Susan and I), to assist you in making the right decision for you.
Please contact us for all of your real questions or needs. You can reach us by phone or text 949-500-6365, email Frank@FrankDiLauro.com, or through our website, www.FrankDiLauro.com
P.S. Some famous Americans and their comments on real estate:
Will Rogers-Don’t wait to buy real estate. Buy real estate and wait
Louis Glickman (real estate investor)-The best investment on Earth is earth
Mark Twain-Buy land. They’re not making it any more
