Hold on to it for 5 yrs? 10 yrs? 20 yrs?
Wish you had bought 15 years ago?
Hmm ... 8% rate (1990s) or 4% rate (2011) ........
If you could today, would you?
Dial up internet vs. high speed internet of today...
Paper property listings vs. drip email notification daily ...
Bank underwriting - "took forever" vs. within weeks .....
Prices are near or at the bottom …..
I had a conversation with a friend named Tom about properties the other day. We were talking about why he had bought his last duplex in Danbury. It was a depressed piece of property, in a nice neighborhood, and needed quite a lot of work.
I asked why he bought it?
Tom started telling me about the great houses he kept seeing…..
Below market value ……
Rates are better than they have been in 55 years! ….
Didn’t feel comfortable investing in stocks ….
This would be significantly up in value when his 2 year old son would be ready for college, and renters would help pay his mortgage.
All in all, a win- win! That’s why he bought it! And, he’s out looking for more!
He said he stays in close touch with his “buddy,” his mortgage broker, Scott Saradin, who is keeping him tuned in to the mortgage rate fluctuations.
Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.
November marked the 53rd consecutive month (4 ½ years) that home values have fallen.
Scott Saradin (914) 462-2196
Are you investing in real estate?