"Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down." --Warren Buffett, American business magnate
The buy low, sell high mentality of successful investors is the key to real estate success as well. With home prices on the rise, the "buy low" opportunities are slipping away. Most savvy buyers seem to be finally realizing there are some very nice homes out there at some very nice prices.
The latest evidence came when home sales shot up in June and July while inventory continues to fall. Anyone contemplating a purchase should not dally. Median prices of homes are on the rise.
Mortgage rates are also rising. Rates have gone up about 1/2% in the past 10 days. Keep in mind that a 1% difference in your 30 year mortgage interest rate equals about a 10% difference in price. As rates go up, you'll be able to afford less home.
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Source: http://lydiaplayer.blogspot.com/2012/08/the-bottom-of-real-estate-market-has.html
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