According to a new report today from The National Association of Realtors- “sales of previously occupied homes fell 5.4 percent in June to a seasonally adjusted annual rate of 4.37 million homes. That’s the fewest since October.”
And there are signs that would indicate a recovery in real estate, don’t count on it just yet.
It’s my opinion, the market is being held up by super low interest rates as the 30 year mortgage dropped to the lowest at 3.53% since longer term mortgages were being offered.
You can read the full article here
So how does this effect you – the real estate investor?
It’s simple. Don’t assume the market has hit rock bottom because some tv analyst making $50K a year told you so.
When you buy today, be absolutely clear on the real numbers and get accurate property values.
Also, earlier I wrote the article for Top 5 Resources for Determining Property Value – but it goes much farther than getting some online number. It’s important you know the area.
See it. Feel it. And Smell it. Know exactly what’s going on in that marketplace.