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Is Now A Good Time to Buy Real Estate?
Jun. 12th, 2007
While the national media outlets are reporting the facts, they often miss the underlying story.
To often we find the media creates additional questions that are left un-answered. Here are several questions that are received fairly regularly.
Is this still a good time to buy?
“Over the course of history, Real Estate has earned a 3-5% rate of return depending on the area of the country. What seems interesting is that when a retail shop puts on a sale, the general media welcomes the paid advertising dollars and the consumers flood to buy goods or services. When the stock market or real estate market corrects, or PUTS ON A SALE, the national media advertises doom and gloom and the consumers walk away disgusted they didn’t buy at the top of the market? Prices will always be tied to supply and demand of housing. The three factors to consider are the fact that Arizona is the fastest growing state in the nation, inflation is now at the Fed’s target of only 2% and unemployment in Arizona is running 4.0% as of April of 2007. Are we going to see double digit growth annually, NO. Anyone who plans for such returns is planning for failure.
Derek Egeberg (NMLS 180899 AZ 0915245) is the Branch Manager for Academy Mortgage in Yuma, Arizona. Derek has over 12 years of residential lending experience. If you have any further questions on this topic or any other, you can contact Derek at [928-247-9089] or email Derek@TheApprovalCoach.com.
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