Also in this playlist...
This transcript is automatically generated
More good news today on the housing front pending home sales climbing more than 8% in May bouncing back after a dismal April.
This comes after yesterday's news that the SP case Shiller home price index rose in April for the first time in eight months so does this mean now's the time to buy or sell your home.
Here for -- here with answers is Jack -- he's the executive editor of money watch dot com Jack great to have you back.
It to have you and funny to hear you say more good news were less and you said more good news I don't think I now it's -- well okay here's my real question.
Two good data points right out of and I'm glad that -- got its -- so is this really a turning point.
You know what it might be but I sure as heck wouldn't call it that I mean the reason that those numbers were so good was because the previous months were so dismal.
I said to some what are your producers that it's kind of like the boat sank I'm in the life raft a really thirsty little rain.
I wouldn't I don't know rescued -- well but even so.
Prices are still low low low if you're a buyer come on this is a golden opportunity out -- right that's what we're saying no question about it -- -- we had a bunch of stories saying now is the time to buy real estate now I'm not saying we caught the falling knife and this is the very bottom but when you look back ten years from now you won't be able to tell I don't think today from next month or whatever it's gonna look like this.
And and this is a great time to buy interest rates are and as you know at an all time low.
Right and and the reality is when you buy half -- takes first -- -- a final thing.
And then it take -- three months to close -- timing that market is is really tricky very difficult.
If you look at prices now particularly in the area you're shopping -- -- their low it it could be an opportunity you won't have.
For another goodness knows -- year I hope not but if -- certainly the smart money is buying an awful lot of sales that there are 100% cash.
They could be people trading down but it's a lot of investors and hedge funds apparently are even buying houses.
Now I've heard that there's actually bidding war going on San Francisco right now that's not something that gets a lot of attention -- people talk very much about.
But in some markets there has been a major turn -- in New York is very strong also -- -- seems to be number one that's where we're really hearing a story.
But any of those concentrated areas where you you can't expand too far it's all happening in the center of the city.
If that and that's could be a good sign it could be what the happy canary in the coal mine you know -- -- again.
And land constrained and that's what they call -- right now well now if you're on the other side -- the -- you say don't necessarily sell right now.
If you don't have to sell it it's not a good time it is very much a buyer's market buyers are writing the terms so.
Yes you can unload a house securing -- decent neighborhood by pricing a little bit below your neighbors but they're not sold for a great price right now so don't do it unless you have to.
If you do have to.
Then you're just gonna have to be a really aggressive seller and you know the tricks right -- through this take out the furniture well -- all of that but I think the most important line and and you got a great list that we will show.
But in the most important one is -- -- sticker price down to realistic level.
And then you get people live and make it even a bidding war right sure -- -- -- -- I hate to tell people that right lower your price they're gonna hit me for saying that.
We're -- to mister Schiller who thinks prices will go down another 25%.
If he's right Bennett brilliant advice to sell now because you're selling higher than you -- -- here but I I don't think that's the case I think.
You ought not to sell now you don't have to I mean it's the one and that's and others want to get them divide look you know stocks have almost doubled off of their low.
This real estate asset has kept on falling so you'll be the buyer of the asset that fell and not the -- asset that's on yeah.
-- on the bargain table flat when it's full price it's easy easy Jack thanks for coming -- great job great to be.
Filter by section