Wednesday, October 24, 2012

Warren Buffett on buying a house in today’s environment

From one of the segments from earlier today (HERE, starting at the 2:50 mark):

Warren Buffett: …so I think that anybody that knows where they're going to want to live, has a reasonably assured income…I think they're making a terrible mistake if they don't buy a single family home now and get mortgages at these rates, and they should get a 30-year mortgage. It’s really a golden opportunity. It was a little bit better six months ago, but it’s still wonderful now. You’re not going to see a chance like this five years from now. I’ll guarantee you that.

Becky Quick: Five years from now, it's going to be a different picture?

Warren Buffett: Rates will be higher and all kinds of things. This is the time to buy, if you know where you want to live. You've got to want to live there. A home's a wonderful thing, but I wouldn't buy one if I was going to move in six months or something of the sort. And I wouldn't buy one if I was terribly nervous about my job.