Posted by Ken Jones on Thursday, October 19, 2023 at 11:41:11 AM By Ken Jones / October 19, 2023 Comment
For all the folks saying now is the time to buy real estate? Here's my .02:
It's not time to buy unless you have to move for life reasons... If folks can wait, that is the guidance I'm giving my clients at the moment - we'll see if I'm correct but with increasing days on market and lot's of price reductions in many markets, there is an adjustment happening. While there is pent up demand and people do want to buy/sell, once the market and world events settle down and the people at the fed realize that raising rates will not have an impact on inflation until they stop printing and spending money like drunken sailors, there will be another high volume event coming... It's almost impossible to convince someone that has a mortgage rate of 2.5% to 3% to sell that asset - they would be better off keeping it and renting it because they will never be able to buy money that cheap again... Thus the inventory will come from new construction in a large part when the next high volume event happens - BE READY and please feel free to ask questions - KEEP AN EYE on the UNEMPLOYMENT RATE... It is a lagging indicator (about 6 months) and if unemployment goes up, this indicates the fed went too far and will have to start downward adjustments. If you have the means to buy, that will probably be the time to start looking
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