There are a number of Real Estate "gurus" that I monitor - mostly to improve my skills, provide a different perspective and challenge my thinking. One such person is Randy Roussie and today he offered these thoughts regarding today's market. His comments are more national in nature because here in San Mateo County, prices have actually risen on average 2% in the first and second quarters of 2007. Randy says:
It's a Buyer's Market. After 4 years it is finally here - a buyer's market. What does this mean? It means you will pay less for a home - and that's good news for all buyers.
But what about Sellers - is this a good time for homeowners to sell? You bet, and here's why. Let's say you live in a $500,000 home and you are going to move up to a $1,000,000 home. Let's also say the market has decreased 10% over the past year. So your home decreased $50,000 while the home you want to purchase has decreased $100,000. In other words, you save $50,000.
That's why its is good for both sellers and buyers to make selling and buying decisions when the market is in the "buyer's" favor.
It means you will carry less mortgage too. Since yoiu save $50,000, it also means you will need less of a mortgage. Now that's a win-win for sellers and buyers. So don't delay. Now is the BEST TIME to find your next dream home!
Food for thought.
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