Money Magazine’s Amanda Gengler was recently featured on CNN Money to talk 2012 real estate. That bad news: we’re still schlepping along. The great news: we’re schlepping along with a much lighter load! Huzzah!
With cheap prices, rates firmly planted below 5% and minimal competition, 2012 looks to be another banner year for buyers. Her recommendation is to focus on smaller homes that are central to shopping and dining because “those McMansions that were coveted during the boom simply aren’t in demand anymore…”
I couldn’t agree with her more. Those McMansions are a dime a dozen, literally. A search today yielded nearly 800 homes under $250k that were at least 3000 sq. ft. Nearly all these homes were in Riverside and San Bernardino Counties. Sadly, these homes purchased during the boom neglected location and in favor of space. I’m urging you to reconsider the benefits of the old mantra: location, location, location. You might not have that Great Room, cigar lounge or knitting nook, but you’ll certainly be close to everything worth being close to.