Oh no! Outbid again. Several analysts including Housing Analyst Ken H. Johnson have been researching home prices for decades, and he offers this advice for buyers in today's hot #housing market: Slow down. "I would be careful about buying near the top of the market, especially if I want to be in the home for only a few years," says Johnson, a real estate economist at Florida Atlantic University and co-author of the Beracha, Hardin & Johnson Buy vs. Rent Index. If you are looking to purchase a home in this market, make sure you hire an agent that can negotiate and bargain aggressively and also be prepared to walk away. At the end of the day real estate is still a great investment to build wealth and create a legacy for your family and future generations, but do not just buy now because that's what everybody else is doing.
Mortgage rates at record lows and housing inventory are tight, home prices are soaring. According to the National Association of Realtors says the median price of homes sold in October skyrocketed 15.5% from a year earlier, and bidding wars have been common. Many experts believe that home prices will reach a plateau, but no specific time when that will occur. Housing Analyst Ken H. Johnson provides this advice, "Everybody's buying right now. We're clearly getting to the peak. So you need to be a lot smarter about how you buy. You need to do a lot more due diligence. You need to ride the neighborhoods. Look at the sold properties - don't look so much at what's for sale as the prices of what's sold. Be aware that you're buying at the peak."
In closing, at the end of the day it comes down to 3 questions, can you qualify to purchase a home now? Do you plan to live in the home for at least 3 years? And are you ready to take responsibility for the mortgage payment?
As always, if you or if you know anyone looking to buy, sell, or invest in real estate. I would be honored if you would refer me. #realestate #homebuying #homeselling #fullerton #brea #placentia #oc
Thank You,
Qierre McGlory
Keller Williams Realty
Realtor/ Director Of Productivity
01938370
(714) 577-2787
qierre.mcglory84@gmail.com
www.uncoveryourhome.com