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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?


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7 replies
  1. Lucill Alkabir
    Lucill Alkabir says:

    Hy ! : Enjoy and enjoy sharing your articles and as you mention, everyone can take what they want and leave the rest. I would love to link you onto my website.
    Is this doable. ? Thank you. Have a great day, Kind Regards, Lucill,
    Realtor with Realty Executives International, Tucson, AZ

    Reply
  2. Peter
    Peter says:

    It begs the question, if the sales rate is increasing for high-value homes, maybe that increase will remain in that particular market and not translate to the lower-value homes.

    Reply

Trackbacks & Pingbacks

  1. […] Reprinted from The KCM Crew on April 13, 2011Reprinted from by The KCM Crew on May 3, 2011One of the biggest misconceptions in today’s housing market is that homes are not selling. That is simply not true. Last month’s Existing Sales Report from the National Association of Realtors (NAR) showed that homes were selling at an “annual rate of 5.10 million”. That’s an average of 13,973 every day – 365 days a year! […]

  2. […] 4 Financial Reasons to Buy Now Why the Wealthy are Buying NEWSFLASH: There is NO Inventory!!! Survey: A Home is Still the Best Long Term […]

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