The Real Estate Bubble is Still Here!
You’ve read the headlines about how the real estate bubble has burst in one city after another.
But don’t believe it.
It is a gross generalization, as are so many tales of economic doom and gloom.
There are always exceptions, and in some places the bubble got a little smaller but didn’t altogether bust.
Just yesterday, I was reading about a small, upscale community in Southern California known for its fine public schools and Midwestern atmosphere.
In March, 2006, the average sales price of an existing home was about $1.3 million. A year later, amidst all of the hand wringing over the mortgage lending crisis the average price ROSE to $1.73 million.
That is better than a 25% gain, year-to-year, which still sounds very bubbly to me.
A prominent realtor reacted to the news by noting, “Real estate is very local.”
That’s local, as in the old saying about the three determinants of a property’s value, “Location, location, location.”
Every market presents some opportunities. As an investor or simply a savvy homebuyer we need to look at what is happening “on the ground” with fresh eyes, discounting exaggerated news and dire predictions and ask, “What’s really going on, HERE?”
In some cases and some places, there seem to be two types of buying opportunities: good ones and better ones!
So, check out that community of your dreams. It may not be as pricey as you think, especially if it is a place where the bubble never really burst!
But don’t believe it.
It is a gross generalization, as are so many tales of economic doom and gloom.
There are always exceptions, and in some places the bubble got a little smaller but didn’t altogether bust.
Just yesterday, I was reading about a small, upscale community in Southern California known for its fine public schools and Midwestern atmosphere.
In March, 2006, the average sales price of an existing home was about $1.3 million. A year later, amidst all of the hand wringing over the mortgage lending crisis the average price ROSE to $1.73 million.
That is better than a 25% gain, year-to-year, which still sounds very bubbly to me.
A prominent realtor reacted to the news by noting, “Real estate is very local.”
That’s local, as in the old saying about the three determinants of a property’s value, “Location, location, location.”
Every market presents some opportunities. As an investor or simply a savvy homebuyer we need to look at what is happening “on the ground” with fresh eyes, discounting exaggerated news and dire predictions and ask, “What’s really going on, HERE?”
In some cases and some places, there seem to be two types of buying opportunities: good ones and better ones!
So, check out that community of your dreams. It may not be as pricey as you think, especially if it is a place where the bubble never really burst!
You’ve read the headlines about how the real estate bubble has burst in one city after another.
But don’t believe it.
It is a gross generalization, as are so many tales of economic doom and gloom.
There are always exceptions, and in some places the bubble got a little smaller but didn’t altogether bust.
Just yesterday, I was reading about a small, upscale community in Southern California known for its fine public schools and Midwestern atmosphere.
In March, 2006, the average sales price of an existing home was about $1.3 million. A year later, amidst all of the hand wringing over the mortgage lending crisis the average price ROSE to $1.73 million.
That is better than a 25% gain, year-to-year, which still sounds very bubbly to me.
A prominent realtor reacted to the news by noting, “Real estate is very local.”
That’s local, as in the old saying about the three determinants of a property’s value, “Location, location, location.”
Every market presents some opportunities. As an investor or simply a savvy homebuyer we need to look at what is happening “on the ground” with fresh eyes, discounting exaggerated news and dire predictions and ask, “What’s really going on, HERE?”
In some cases and some places, there seem to be two types of buying opportunities: good ones and better ones!
So, check out that community of your dreams. It may not be as pricey as you think, especially if it is a place where the bubble never really burst!
But don’t believe it.
It is a gross generalization, as are so many tales of economic doom and gloom.
There are always exceptions, and in some places the bubble got a little smaller but didn’t altogether bust.
Just yesterday, I was reading about a small, upscale community in Southern California known for its fine public schools and Midwestern atmosphere.
In March, 2006, the average sales price of an existing home was about $1.3 million. A year later, amidst all of the hand wringing over the mortgage lending crisis the average price ROSE to $1.73 million.
That is better than a 25% gain, year-to-year, which still sounds very bubbly to me.
A prominent realtor reacted to the news by noting, “Real estate is very local.”
That’s local, as in the old saying about the three determinants of a property’s value, “Location, location, location.”
Every market presents some opportunities. As an investor or simply a savvy homebuyer we need to look at what is happening “on the ground” with fresh eyes, discounting exaggerated news and dire predictions and ask, “What’s really going on, HERE?”
In some cases and some places, there seem to be two types of buying opportunities: good ones and better ones!
So, check out that community of your dreams. It may not be as pricey as you think, especially if it is a place where the bubble never really burst!
posted by zzzzzzzzzzz at
5:15 AM
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