The Best Opportunity in 35 Years
With all the press and pundits talking about the doom and gloom scenario, they for some reason have failed to view the glass as half full. It is often said that the best teacher is history, so here is a brief history lesson. It was back in 1973 when interest rates were about the same as they are today. That was considered a buyers market then, however inventory levels were far below the level of today. Since then there has only been 2 years that offered similar interest rates as today. It was 2001-2002, rates were similar but this was the height of the seller’s market, which offered low rates but higher prices and fewer homes to choose from. We have had other buyers markets but they were in the 80’s and 90’s with interest rates ranging between 8%-21%.
With supply at record highs and low interest rates available, the selection and cost has not been similar for 35 years. In fact there has not been a better time to purchase in almost four decades. For those wise buyers, I think they are looking at the glass as being half full and ignoring the pundits that have a track record of getting it wrong most of the time. So if you really want to rely on something, historical data is unchangeable and the facts substantiate that there has not been a better opportunity than now, to buy a home.