Gloom and Doom … or Great Opportunity?

Posted by: Barry Karch on October 20th, 2008

Certainly there is a lot of grim news out there – but things are not that bad.  Actually, I have not noticed any difference in my daily life or that of most people that I have come in contact with since this “financial crisis” has begun.  Sometimes I think that the news people like to jump on the bandwagon and are going out of their way to find and report bad news.  After you report on it enough, it can become a self-fulfilling prophecy.

Strangely enough, year to date, this has been my best year of my 23 years in real estate.  There are still  a lot of people out there who want to buy homes.  I am finding numerous new home buyers every week.  
 
Let’s look at the home buying situation a bit closer. 

Interest rates are excellent right now, in the low 6% range, and even in the upper 5% range.  These rates are much lower than they have been during most of my career. 

Combining that with the great prices of homes and the excellent selection of properties makes now an excellent time for buyers — not a couple of years ago when everyone thought it was so great to buy a home.  Back then, there were few homes to choose from and people had to make a decision immediately or the home would be sold — and in many cases had to pay over full price. People that do the best in the stock market and the housing market go against the masses.  It is much better to buy now when things are slower than it would have been a couple of years ago when conventional wisdon was telling everyone that it was a great time to buy.

Also, there was so much bad news out there last week that I am optimistic that things have bottomed out and will go up from here.  As they say, it is the darkest before dawn. The other day’s 900 point rise in the stock market was a great start.

So, don’t let all the naysayers blur your vision.  What were these people saying two years ago?  Now is the time to take advantage of this great opportunity before it is gone and prices start rising again.

By the way, I have put my money where my mouth is.  I have bought an investment home this year.

 

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3 Comments on “Gloom and Doom … or Great Opportunity?”

Ken in Arlington Heights

There is no question that the media and politicians are making this out to be worse then it currently is. Doom and gloom sells, why would the media or politicians talk about anything else.

Brandon Green

Now is a great opportunity to buy, as I described here:

http://www.brandongreenandassociates.com/blog/2008/10/15/make-unbelievable-deals-in-real-estate-now/

But before buying real estate, individuals need to make sure their fundamentals are in place.

Krishna Perkins

Great article. Buyers who can buy should take a another look at getting into the market. As we all know you don’t get a warning bell for an end to these discounted prices. Here today gone tomorrow!

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