Warren Buffett: I’d Buy Up ‘A Couple Hundred Thousand’ Single-Family Homes – Marina del Rey Real Estate – MDR Condos
Appearing live on CNBC’s Squawk Box, Warren Buffett tells Becky Quick he’d buy up “a couple hundred thousand” single family homes if it were practical to do so. If held for a long period of time and purchased at low rates, Buffett says houses are even better than stocks. He advises homebuyers to take out a 30-year mortgage and refinance if rates go down.
— “Warren Buffett on CNBC,” by Alex Crippin, CNBC, Feb. 27, 2012.
Warren Buffett is recognized as one of the most successful investors in the world. His recent comments on CNBC reflect how he feels about the opportunity available for all of us in the housing market.
This type of commentary is starting to show up in more and more places as people recognize the real value in today’s housing market. Buffett indicated that if you know where you want to live for the next five or ten years then there is no question you should buy and you should buy now.
One of the most important factors in buying a home is the mortgage. With interest rates at the lowest level in more than fifty years, mortgage payments are actually less in many cases than the rent you would pay for a comparable property. Investing in yourself instead of your landlord is another reason for getting into the game before these low rates are history.
A recent article on MSN Real Estate echoed Buffett’s comments. The article entitle “Should buyers take the plunge this spring?” by Melinda Fulmer cited increases in home sales, decline in inventory, home prices being 10% below rents and banks willingness to lend as reasons why it might be time to become a home owner.
Buffett hit the key in his interview saying that he would be a buyer because of the value that is available.
Maybe it’s time to take Warren’s advice.
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