According to a recent blog post, If Prices Are Falling, Why Are the Rich Buying?, by the KCM Crew, real estate prices are predicted to continue to drop, however, the rich are buying homes now! The KCM crew says that "DataQuick Information Systems reported last week that sales on homes $1 million or more rose 18.6% last year after four consecutive years of decline. This is at the same time that sales outside of this price point actually fell 2.8%." So, why are the rich buying now, instead of waiting? The KCM crew say that "They realize that the COST of real estate is a much more important than its PRICE. With the government attempting to make massive changes to the residential lending business, the wealthy know financing a home may never be better. They realize it is time to buy. They can purchase a million dollar+ home for a rate lower than at almost any time in history."
Although some may still say that they would wait for lower real estate prices in the Tulsa, OK area, that can be a gamble. We know that rates will not remain at these historically low rates forever. Higher rates can mean that you pay more for the interest in a lower priced home than you might for a higher priced home with today's low rates. Once you add all that extra interest up, you could actually end up paying more for your Tulsa, OK. area real estate.
For more information on Tulsa, OK luxury real estate prices or to buy or sell Tulsa, OK luxury real estate, contact Kelly Howard of the Tulsa Luxury Property Group at McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.
Check out the following link to read the entire blog post from the KCM Crew, "If Prices Are Falling, Why Are the Rich Buying?"
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