Posted Thu, July 24, 2008 @ 2:52pm
We hear and see all the negative press about today's housing market and begin to believe that it is true. The market is in bad shape. Oil and food prices are rising. Foreclosures are still a concern. Big lenders awaiting bail outs. The Fed is trying to keep inflation in check and at the same time make money affordable to keep the economy going. All of this is making for prime material for the media.
If we think back, in the '70's we had the oil crunch. Gas stations would only serve "regular" customers. Gas stations were closed on Sundays and if you could get gas, after waiting in long lines, you could only get 10 gallons at a time. In Ocean City Maryland, the Mayor guaranteed anyone that could get to the resort would be able to get a tankful of gas to get home. The real estate market became Buyers' market and those that bought in the down market made out very well.
The 80's brought the double digit interest rates and the collapse of the Savings & Loans. And once again price stood still and it was a great time to buy. The 90's had the Internet boom on stocks. Real estate was taking a back seat until the bubble burst on high tech stock. Those that bought real estate instead of stocks fair very well.
Now after several years of a real estate boom the market is adjusting and has become a Buyers' Market. Many potential buyers are waiting for the bottom to jump in. The problem with that philosophy is that you only know the bottom when it passes you by.
With the large inventory to choose from, the best interest rates in almost 35 years (absent the past several) and sellers that are motivated in many cases to sell, now is a great time to buy.
If you have contemplating buying a new home, call a REALTORŽ today and see for yourself the advantages of buying in a down market.
Call Audrey & Frank Serio, CRS at REMAX By The Sea, 302.537.3171 or email us at Frank@TheSerios.com
