Why moving up is a good idea…
are undoubtedly looking up in the economy and the worst is behind us.
One opportunity in the Real Estate market seems to be standing out in my mind. The move up.
The first important part is that in the areas of Encino, Sherman Oaks & Studio City there is a trend that smaller homes in upgraded condition seem to really be holding their value, mainly because interest rates are at historic lows and inventory is very tight. Largely due to a lack of quality inventory and an a healthy appetite from first time home buyers with stable employment (yes people are working), homes in good condition that have good layouts, upgraded kitchens and bathrooms and open floor plans are commanding a premium right now. The second part of the argument is a combination of factors that may wind up providing one of the best housing opportunities in years. Interestrates are at their all-time low and homes priced $1,000,000 and up seem to be slightly more challenged by the current Real Estate cycle. The business owners and self-employed that enjoyed much success between 2000 and 2006 have been faced with a reduction in income and some have even lost their jobs. nventory in this price range is somewhat healthier and it begs the question: If you could move your family into a larger home, purchase it at a reduced price and lock in the lowest interest rates ever does that sound like a long term plan for success?
It does to me.