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Purchase Price V Interest Rate

Today's buyer is facing a conundrum of epic proportions. It is obvious to most that in many areas of Southern California, prices have flattened out. Luxury sales have slowed dramatically. And, all indicators are that sometime in the near future, we will see a slight adjustment in home values. For that reason, many buyers are thinking that the wise move would be to hold off their purchase. And, most likely get the home they want for less money. And, it is true that historically this would have been a good strategy to employ. Today, I am not so sure. In fact, I am telling my friends and family that today, may be the very best time to buy. That there may not be better time to purchase in their lifetime. Let me explain. While it is true that home values are at near record highs for most of the South-land. It is also true that interest rates are still in the high three percent range for a thirty year fixed rate mortgage. And while property values may drop slightly sometime in the ...
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Lessons of 911

Today (September 11, 2011) as I write this I am preparing to board a plane bound for Hawaii. Part vacation and part work this trip in and of itself is a statement to those who would bring America to her knees if they could. We as a country have never settled for defeat. And, I pray we never will. Ten years after the last plane fell from the sky. Ten years from the time the last tower fell. Ten years from the time the last hero breathed his (or her) last breath. We continue to remember those who we lost, and those who were saved. As I await takeoff I cannot get enough of the television coverage marking this historic date in a most appropriate manner. And, front and center in the celebration is arguably the most famous piece of real estate in America, Ground Zero. Ten years ago almost to the minute this hallowed ground having just seen her twin monuments to capitalism fall, and the land now intrinsically holding little value.  In the world of commercial development the value ...
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Old Solutions for Today's Problems

Today, I read an article in the newspaper that said Congress had passed a bill asking the banks to rent out their foreclosed homes while they waited to market the homes for sale. The idea is that this will stabilize neighborhoods impacted by a high number of foreclosures. And, in doing so preventing further erosion in values. On the surface this seems like a reasonable request. One well founded in reason. And, this is one possible solution to a concern certain to impact neighborhoods across the country. However the real solution is not in a temporary fix like this. Instead, the solution  is to see that these loans become performing loans once again. Now before I go any further, I must say that the ideas, I am about to discuss are not my own. In fact, they come from Bruce Norris (of whom I spoke last week). As I said in my last article, I have a tremendous respect for  Bruce. His understanding of our market borders on genius. And, having followed his projections for the past f...
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