The Best Real Estate Market In Over 10 Years

The last time home prices were this low...

Image by Steve Rhodes via Flickr

By Renee Porsia, Real Estate Girl

“It will be a cold day in hell before interest rates and home prices are ever low at the same time.” Well then I guess it’s pretty damn cold in hell right now because that’s just what has happened.

For someone who has a nice, secure job, great credit and money to put down it’s just not going to get any better than this. The only thing better would be if money were free. Interest rates are as low as 4.38% for a 30 year fixed which is a bit up from last week from 4.35%.

Why is consumer confidence so low? This is why. I hear people saying once again how it’s not a good time to sell right now but its a great time to buy. Boy, my blood boils when I hear this. Who is telling these people this? I can’t even understand how that even makes any sense.  Why isn’t it a good time to sell now, because people aren’t going to get crazy inflated prices for their home anymore like they did two, three or four years ago? Sorry people but the days of getting $300k for a home that is only worth $225k are over.  Get over it and get used to it. It’s these very same people who are the ones crying about how everyone was taken advantage of and bought homes that weren’t worth what they paid.  Well, you can’t have it both ways!

This is probably the best real estate market in over 10 years hands down. Why? Because you can put your home up for sale and buyers are going get cheap money which means they can afford more than they would if money cost more which means if you listen to your Realtor® and list your home for what it’s worth, you will get exactly what it’s worth. Now, if your one of the ones who purchased a home for more than what it’s worth, then you are not going to get what you paid, and you probably won’t ever get what you paid and so for those people, it will never be a good time to sell but for the person who doesn’t have a mortgage on their home or who purchased their home for a good price and now have equity, it’s the best time to sell and buy.

Here’s the bottom line: The mass media keeps propagating that home prices are low; hence it’s not a good tine to sell. What the media should be screaming from the rooftops of FOX News, CNN, MSNBC, etc., is that home prices are for once, exactly what they should be; high enough to gain a profit if purchased pre 2005, combined with record low interests rates!  But that wouldn’t be attention grabbing now would it? Remember, good news is NO news!

Renee Porsia is an Associate Real Estate Broker with RE/MAX Action Realty and published Author.


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