Michael Corbett: Can the Market Really Be Up and Down at the Same Time?
Best-selling author, real estate expert and "Extra's" Mansions and Millionaires host Michael Corbett gives you some hot tips on the best ways to buy a home -- all from his new book, "Before You Buy!"
This week's tip:
The market can be up AND down at the same time. There have been several conflicting housing reports that have come out in the past few days. Some are indicating that prices may be going even lower, and some are touting stabilizing markets and even a slight increase in buyer activity and sales.
How is this possible all at once? The most important consideration when looking at these national stories is that they are in fact just that -- national. The key to unlocking real estate trends that are valuable to you is to remember that the real estate you are looking for is local. As Coldwell Banker CEO Jim Gillespie says, "If you are taking a vacation in Las Vegas, you will want to know what the temperature is going to be in Vegas... not the average temperature of the entire country."
Corbett adds, "In other words, yes, there can be reports that prices may still show some downward movement AND reports indicating that prices are stabilizing and looking toward the upswing, at the same time. It's all about which local market they are analyzing."
Before you make decisions about buying or selling based on a news article, find out if it actually applies to your town. It could mean the difference to making a smart move at just the right time, or missing the proverbial house boat.
For more tips and guidelines, check out Corbett's book "Before You Buy!" on Amazon.com.