Why the Wealthy Are Buying
We have taken the stance that real estate is currently a great investment. There have been MANY that have let us know that they think we are crazy. Today, let’s look at a few prominent people, media sources and one very important group that agree that now is the time to buy.
Fortune Magazine and The Wall Street Journal
John Paulson, billionaire investor.
Donald Trump, no introduction necessary.
Barbara Corcoran, real estate TV personality.
A pretty impressive list! The question: Is anyone listening to them? The answer: The wealthiest people in the country. According to the most recent Existing Sales Report from the National Association of Realtors, at a time when sales of all homes have decreased 2.8% compared to last year, homes over $1million dollars are selling at a rate 3.9% higher. Why are the wealthy purchasing real estate right now?
- Money is cheap. The 5% interest rate will not be available forever.
- The ability to lock in that interest rate for 30 years may soon disappear.
- Getting a mortgage may get much more expensive soon.
- They want to buy low and sell high. The price of real estate is low.
Bottom Line
We know many will disagree with us about now being the time to buy. But if the wealthiest people in the country are buying, shouldn’t we at least consider the possibility?
