My New Blog

Friday Blog, October 10,2008 - In light of all the recent news on Wallstreet and Main Street, I thought it might be best to start giving an actual “personal take” on what’s going on out there in the market.  After all, the so called “economic crisis” is a direct result of the housing industry.  As your real estate expert, I owe it to you to tell you what we are truly seeing out there AND what we should/would/or could do about it.

It goes without confirmation that it is now a full fledged buyer’s market.  So does that mean if you are a renter – now is the time to buy?  Does that mean if you are a current home owner that you should get out now while prices are still relatively ok?  Or does that mean you should stay right where you are – homeowner or not – and just wait until everything gets back to normal?

There is not really a simple answer to these questions.  Except maybe the first – YES, YES, YES!  If you are a renter – buy now!  Just like if you have money to invest in the stock market – invest now!  Why wouldn’t you – because you’re scared its going to go lower?  Well you may be right – but if you look at the facts based upon historical data we are reaching the bottom.  And you don’t want to wait so long that you miss the low times.   Right now the majority of buyer’s are scared and are sitting on the fence – which means that there is more inventory than ever sitting and way more motivated sellers.  Capitalize on this fact now!  Even if prices drop another 1-2% they are still on average 10% less than they were in 2007.

You know the market always rebounds, that is a given.  You also know rates currently are still very low.  You don’t know when prices will go back up and you don’t know if rates will go up.  Don’t hedge your bets – be smart and buy now if you can.

Take for instance a gorgeous home just outside the Perimeter – 15 minutes to Buckhead, Downtown, and the airport! (see virtual tour)  http://homescenes.com/_pgm/hs_IDXMain.cfm?PropertyID=49120

Last year this exact same floor plan sold for $244,500.  A year later this home is on the market for $20k less.  These are the kind of deals you don’t want to miss out on as a buyer right now.  And there are plenty of these to go around.

Take advantage of the low prices, low interest rates and $7500 tax credit and buy now-  really, I know you won't regret it.   If you call me 2-3 years from now, my bet is you will sell and make a profit.

In regards to the other questions – they are a bit harder…..and we are gathering more data and historical facts to guide you accurately on your next steps.  I will answer the questions in my next email to you.  So stay tuned .. . ..and have a great weekend!