Smart Austin Real Estate – Gary Keller on Austin, TX
I had the privilege of listening to Gary Keller talk for 3 hours this morning. Being in the Keller Williams office #1 mother ship, I have had the opportunity to hear Gary 4 or 5 times in the past 6 months. Founder and Chairman of the Board of Keller Williams Realty, Gary is a master and one of the leading real estate voices and visionaries in the country. Here are some of Gary’s comments this morning.
Buyers market or waiters market?
Are you trying to time the market? You don’t know bottom until it starts to recover and you don’t know top until it starts to fall. Warren Buffett never looked at the stock market … he followed a formula. If it fit the formula, he invested. What is your real estate investment formula? A top agent in Phoenix (one of the tougher hit markets in the country) said recently that “smart money is back in the market.”
Right now, best prices and interest rates are low. Did you know that a 1% increase in interest rate offsets a 10% price reduction? Waiting for prices to drop? Better be careful because you may lose your advantage.
FACT: interest rates tend to go down slow, but when they go up, they tend to shoot up.
FACT: interest rates going up can offset a decrease in price.
If you’re contemplating purchasing but sitting back and watching, you may want to reconsider. Have a formula, put yourself in competent hands and stay in the market. You won’t know bottom until it starts to recover and a recovering economy historically yields higher interest rates. Don’t lose the current advantage.
© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.