We were given the opportunity to look inside the crystal ball yesterday. We had the pleasure to hear the renown, real estate guru Steve Harney thanks to the fine folks at Benchmark Mortgage. Steve Harney is quite the researcher and his statements are backed by facts and historical patterns. Here are a few of the things that we learned:
- Best time in real estate history to buy
- Real estate is once again a long term investment
- In the last 9 years real estate values went up 56% while the Dow, S&P and the Nasdaq lost anywhere from 5.6% - 43.9%
- Buyers care most about cost not price ( price + financing = cost )
- Home prices are expected to drop another 10% and bottom out in May 2011
- Mortgage rates are expected to start to climb beginning March 31st as the government discontinues its mandatory purchase of mortgage based securities – experts expect rates to climb to anywhere between 5.75% - 7.5%
- A 1% rise in mortgage rates offsets a 10% drop in home price
Now is the time to buy !!!
Check out Steve Harney’s website: www.keepingcurrentmatters.com
For information on Folly Beach Real Estate and the surrounding areas, just contact Randy Winks or Ronnie Winks or check out www.randyandronnie.com or www.follybeachschomesforsale.com .
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