What Type of Real Estate Market are we Experiencing in Kansas City?
On a daily basis I get asked the question "How is business". That question usually leads to question "what is going on with the real estate market".
The answer to the second question is we are in a Buyer's Market. Savvy real estate buyers call this investment opportunity time. Savvy home buyers call this a Move Up Market.
Both answers are right and both are capitalizing on the Buyer's Market. Let us assume that home prices have gone down 12% nationally as reported on the news this morning.
Now, lets say that you sell your $200,000 home for a 12% loss. That means you just lost $24,000, ouch! That can make a grown man cry, right?
Now you turn around in this real estate buyer's market and buy a $400,000 home for 12% lower. The price you just paid for your $400,000 home is $352,000. That is a gain of $48,000 for you.
From the whole transaction, you have a net gain of $24,000. Instead of being sad, you maybe really happy. To add to your happiness, the lower interest rates may actually not raise your mortgage payment as much as you think and if the government passes the stimulus bill you maybe really happy if you are a home buyer now.
In my 20+ years of real estate I have never seen a better time for real estate investors, first time home buyers and move up buyers. If you are looking to purchase a home in Kansas City, maybe we should talk. Give us a call at (913) 712-9313.
Information provided by the
Dowell Taggart Team ( http://www.DowellTaggart.com ).
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