Between the pollen and a spring cold, I'm a little bit miserable on this beautiful Sunday morning. But it's going to be a busy week so I have to get my thoughts in order.
The first quarter of 2009 in nearly expired. Wow, I can't believe that it flew by so quickly. It seems that the tide has turned, and that business is picking up in the area. This is good news, because there is a perception that once it has been established that we have "bottomed out." All heck will break loose as buyers scramble to take advantage of this amazing fact:
For the first time in history, you can purchase real estate at below the cost of substitution, at the lowest interest rates that have occurred in most people's lifetime, and you might even get a huge tax credit for doing so.
There is an opportunity to fix your housing cost for the next THIRTY years at such a remarkably low level that the ability to accumulate wealth through other investments will be available via the monthly savings.
As I write this, I wonder why anyone would be comfortably poised upon the proverbial fence. This is not a time for observation; it is a call to action.
And those that succumb to lethargy during these times will instead be relegated to the "I should have, would have, could have" legion of storytellers that will relate their tales of woe and missed opportunities to their grandchildren.
Now, you wouldn't want to look stupid in front of your grandkids, would you?
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Richard, at an open house yesterday, a buyer came through and fell in love with the home. Ooohed and aaahed. Then looked me in the eye and said, I think that I should wait to see if prices and interest rates will go down. Hmmmm. I gave her stats that I got from some very reliable news sources from that very morning on the rise in existing home sales and new construction. They are going up...interest rates are at historical lows. This is investment time, people.
Richard - I think all the planets are in line and the time is NOW. Some people like to sit and as the saying goes about the target .. get ready aim ... aim ... aim... well pull the trigger!
Richard, very true. The only real way to tell when the market bottoms out is when prices and interest rates are on the increase. Have a good week!
You're right, these buyers are just too comfortable sitting on the fence.
Between the prices, interest rates & the programs out there...it's a great time.
I can hear it now, in 2010 these buyers will be saying "I should have bought last year"...
After clients have lost a house or two and when you go to show a house, only to have to wait for the 3 groups in front of you to go through, it's TIME, people, it's TIME!
Richard, I posted last night about my daughter buying her first house. So many things are coming together, especially for first time homebuyers. Right now, you snooze, you lose. Rich
You make a good point. Texas real estate has picked up as well.
Suzanne...
This kind of mentality is disappearing as more and more buyers are losing offers to higher bids ... after a few misses. they finally face the reality of new demand for affordable housing. THX
Connie...
Or say "I would have, should have, could have!" lol and thanks.
Michael...
Most of our foreclosures and HUD homes are selling about 10-20% higher than list price ... we had one last week go for double the list price. That has to mean something! Thanks!
OOOOPPPS....To late for some. Sone areas are already seeing mulitple offers and above list offers. It's now or NEVER.
Richard...good points. WV real estate has also picked up.
What we need is pointed fence posts to make it difficult to sit on. Otherwise, I am not sure what will move them from the fence into their own home.
Great post Richard, thank you. Hope you feel better.
Richard,
You are so right sir, now is the right time to purchase a new or investment home(s). With pricing and interest rates being where they are.
The other advantage of lower interest rates Richard is if you add to the prinicipal you can pay a home off faster too. Don't be miserable. It is a sunny day. That's why their are meds. Works for me LOL.
Richard: If I could get out there and qualify to buy an investment property right now, I certainly would.
The fact remains that no matter what we preach, we both know that there will be a ton of people still sitting on the fence when this thing turns around. They will wait too long, and yes, they will be kicking themselves in a few years.
If I could I would buy, buy, buy right now. We are trying to figure out some ways to make investment properties possible.
Buyers are nervous but as some of the most savvy investors suggest buy when others are selling. Now is the time.
Hi Richard,
You make great points in this post. I especially like the one about using the money you save now to invest in other things. Brilliant!
Richard...you are so right! In fact, I'll pass you along in a reblog!
I hate that the market has put me in a postion that I can't take advantage of this great opportunity! A few years from now, I sit and cry when I think of the monies I could of saved if I could of re-fied my home! Oh well.....
Richard,
Sooooo true! I'm sure in 2010 there will be those who will kick themselves for not buying in 2009. Oh well..there are plenty who have it figured out and are buying right now!