Warren Buffet and the affordability of houses

It was a wake up call to be quoted in the press as having an abandoned blog.  And to think this one deals with real estate, my business.  So, I have elected to hop back on this bus and create the time to post again as I actually have a wealth of information on real estate sales.

Warren Buffett came out with a statement in the last couple of weeks where he indicated to a staff member that the absolute best investment today is real estate.  Boy, does that make sense! Why is that you might ask?  There are several reasons.

1) Money is virtually free.  When I bought my first house in 1982, rates on mortgages were 18%. Yikes!  Today's rate is between 4 and 5%, even lower for terms less than 30 years.

2) Inventory is huge!  There are more houses than there are buyers. Period.  I have recently counseled sellers to take their houses off the market if they can't afford to price BELOW market. That's right...BELOW market.  This is a buyer's market and has been for a few years.  The Buyers set the price.

3) Affordability is back to historic levels.  What this means is that the number of houses that are priced at levels that the average buyer can afford has increased.  The Maine average sales price is down to $160,000. This means that a family with an income of $53,000 can probably afford a house at this price.

What can you do as a buyer?  Talk to an experienced Realtor such as myself and get qualified.  If your credit score is rotten, that's OK. We can help you make a plan to get on track for that purchase. And best of all...being represented as a buyer is FREE!  That's right. No cost to you.
Shoot me an email at catmacgroup@gmail.com. I can help.