There are many people out there waiting for the bottom to hit in many facets of the economy, including real estate. Perhaps there will be a big announcement one morning across newspaper headlines and across the internet “THE BOTTOM IS HERE: NOW IS THE EXACT MOMENT TO BUY”. Of course by the time the announcement comes the bottom will have hit and the exact time to buy real estate will have come and gone.
A great analogy to the bottom of the real estate market is a yo-yo. Take a yo-yo in your hand and use it. Can a person grab the yo-yo at the exact moment it hits bottom every time? Chances are a person will grab it just before it hits bottom or just after, rarely at the exact bottom. Real estate is the same game, if it is indeed a game. If people knew, absolutely knew, the exact time to buy stocks, real estate, or any other investment then no one would ever have a financial worry.
For people who believe in investing in real estate, now is a great time to buy. Interest rates won’t be low forever, in fact interest rates have been inching up the past 10 days now. Most mortgage experts expect interest rates to return to the 6.00% range over the next few months to a year.
In addition, the tax credits available for purchasing a home make now an incredible time to buy.
Real estate has either already hit the bottom, is about to or is already on its way up, we’ll know for certain sometime in the future. If you want to buy at the bottom, buy now. Or wait until it’s too late, when you can look back and say, “If only I had bought then.”
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