Great Time to Buy a Home

http://www.realtor.org/RMODaily.nsf/pages/News2009100601?OpenDocument#

A Historic Time to Buy

Young people just starting to invest and buying their first homes are potentially the winners in this recession.

First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®

"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."

A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.

"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."Source: The Associated Press, Chip Cutter (10/05/2009)

Our take on it - investors are gobbling up properties all over town. They are not doing it just for the heck of it.
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The Ann & Lynn Team - Sotheby's International Realty
Ann Saucier & Lynn Shepodd ~ 34 years combined experience ~
323 671 2390 - HomesInLA@aol.com

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