Advice You Can Take to the Bank: Buffett Backs Housing Recovery

Buffet has said recently that the basic premise that homes increase in value is “totally sound.” Buy low, he says, and more than ever now is the time to take advantage of lower home prices as Western states are starting to see an uptick. There are many deals to be had, but no one knows for how much longer. The good news is that this bodes well for the economic recovery; the bad news is that indecisive buyers getting closer and closer to missing the boat. Buffett warns these buyers not to wait too long, saying for those riding the fence, “if you wait for robins, spring will be over.”

Rates are also what convince Buffett that buying a home is a solid investment. He says “home ownership makes sense for most Americans, particularly at today’s lower prices and bargain rates.” Buffett believes that smart homeownership has three elements: a fixed mortgage, affordable payments and long-term hold (see article). Along with the low rates still available today, these are the keys to making your investment count.

Given his track record, if Buffett feels so strongly about the continued value of homeownership, you know you can take it to the bank.

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