Average Home Price Predictions
A Look at Real Estate Market Trends

You've heard the gurus predict average home price trends, announcing when the perfect low point for buying a first home will arrive. It rarely works and their followers end up disappointed.

Here is my experience with real estate market trends.

A little background... Before retiring, I was a mortgage broker and owned my own company. Prior to that, I sold real estate. Before that my husband was a Realtor. We have been involved for 3 consecutive decades in the financial and real estate markets.

I say this is to let you know that I have passed through every imaginable real estate cycle and lived to talk about it!

Here is what I have learned about the ups and downs of the average home price.

I understand why real estate market trends can cause discouragement. But here is a fact. When the media noise is the loudest and fear is the strongest, it probably means a crisis is nearing the end.

Here is what I think about a personal home as an investment.

I tend to follow Robert Kiyosaki's view. When Robert Kiyosaki explains in Rich Dad Poor Dad that a house is not an asset, he is saying an investment is something that puts money in your pocket. Your home is primarily an expense.

In spite of this, I believe home ownership encourages financial stability... as long as the mortgage payments remain affordable.

Here are 4 ways to tap into real estate market trends.

1) Stop waiting for the press to give the green light. They don't have an inside track to average home price trends. For that matter, their crystal ball regarding mortgage rates is based on guess. Truthfully, no one else has a crystal ball or inside track. Most everyone was taken back by the magnitude of this present crisis.

2) Take a closer look at the targeted neighborhood where you want to live. Get on a real estate company's email list to familiarize yourself with the average home price.

3) Visit open houses in more than one area. This is a fun way to meet Realtors. You'll get the lay of the land and become an expert on the average home price trends of surrounding neighborhoods.

4) Get the ball rolling on mortgage preapproval. The most important part of buying a home is knowing how much you can borrow. Follow the advice of your mortgage lender to get a mortgage preapproval certificate before shopping for a home.

When will the average home price go up?

I don't know when the housing market is going to turn around. No one does. However you can depend on this. This housing downturn eventually will end and the average home price will rise. So don't wait to prepare.

The buyers who do their homework now by following these 4 steps will be ready to strike. Best wishes and good luck!

Prime Real Estate Articles Tip No.61
Home Mortgage Application | Application Interview

This final step asks who and how the application interview was conducted, in person, by mail, telephone, or internet. Include the interviewer's name and phone number including area code.

Congratulations! You're finished! If you have questions about the mortgage loan application process, write me at Ask Kate.

Understanding Mortgage Applications

Take the guided tour with Kate's unique tips for filling out your home mortgage application...

Coborrower | Responsibility | Loan Type | Appraisal | Rates/Terms | Address/Units | Legal Description | Year Built | Purpose | Usage | Construction | Refinance | Title 1 | Title 2 | Fee Simple | Down Payment | Name | SS Number | Phone Number | DOB/Education | Address | Employment | Income | Housing Expense | Assets | Liabilities | Real Estate Schedule | Transaction Details | Declarations | Acknowledgement | Government Monitoring | Application Interview

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First Time Home Buyer's Tips

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How To Get A Mortgage - Home Mortgage Help

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