Is it Spring? Change is in the Air!
May 9th, 2009 Categories: Real Estate
The other night while listening to NPR, I heard an interesting interview with Christopher Thornberg of Beacon Economics. I respect him and like to hear his take on what’s going on with the market. For years during the “boom,” he was telling folks that if they needed to sell, do it now and don’t look back.
The reason I’m bringing this up is because during the interview, I heard something I hadn’t heard in years from him… that it IS a good time to buy. He said, like what many think, that the market will probably be this way until the end of the year, we’ll stay at the “bottom” for a couple of years after that, but there is finally real opportunity if you’re looking to buy a home.
People ask me every day if they should buy now or wait… or sell now or wait. There is no crystal ball. But there are very real deals out there if you’re looking to buy. You need to analyze your long-term goals. Are you in it for the long haul or to buy and flip? Real estate continues- and will always be- one of the BEST long term investment decisions you’ll ever make.
For selling, yes, you’re down from the peak you were at a couple of years ago. Will the market ever come back to those prices? Well, look at the historical cycles of real estate. It shows that the market does come back… in time. It may take 10 years, but it comes back eventually and then surpasses. Do you want to wait it out, however long it takes to come back to today’s prices, or do you want to sell now, maybe not make as much as you would have a couple of years ago… but be able to move on with your life? Perhaps in doing so you’ll make up the difference with getting some fantastic property at a huge discount in return.
There are huge opportunities out there for EVERYONE in this market- for buyers AND for sellers. Remember, we’re just in a “pre-boom” right now!
