Saturday, December 06, 2008

Excellent Buying Opportunity

Here is an New York Times article which highlights why buying a home now will be a very smart decision.

Here is the link:

Richard's Note: I'm predicting the bottom end of the real estate market, homes priced between $250,000 and $400,000, has bottomed-out. Rates continue to decrease making it even more affordable for first-time home-buyers to purchase a home.

I'm predicting 30-year fixed conforming loans to fall below 5% in January 2009 if not by the end of the Month.

Homes priced between $400,000 to $600,000 could very well bottom-out within the next few months here in the San Fernando Valley.

Homes priced between $600,000 to $1,000,000 should decline another 10%-15% and should bottom out by the end of the first quarter or beginning of second quarter 2009.

Homes priced from $1,000,000 to $1,700,000 should continue to fall throughout 2009. I'm predicting another 15%-30% price drop from current prices. I'd suggest a safe time to purchase a home in this price range to be the summer of 2009.

Written by: Richard Johnston, Rodeo Realty

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