Good News Has Got to be Around the Corner
By James Wedgeworth on January 15th, 2009I got to work early this morning and picked up the local newspaper – here were the headlines:
“Hope Vanishes on Wall Street”, “US Foreclosure Filings Up 81%”, “Retail Sales Plunge”, “Retail Outlook Dim”, “Dow Shows Biggest Drop Since December 1st”, “Housing Crisis Upside Down..Bargains for Everyone”. Obviously, if someone is in the Real Estate business it is quite upsetting to see these headlines.
I have always believed that there will be a ray of sunshine after the darkest cloud. It is my personal opinion that the press is really trying to make it as bad as they can and hopes that Obama can come in and turn things around. I predict in less than a week these headlines will not be visible and people will be much more upbeat and positive which means that the Real Estate market will have a chance to turn around.
My advice to everyone is to take note and buy now. These headlines are depressing the sellers and you will get a much better buy today than you will in six months. We will find out whether I am right or wrong, but I have done this before and I think I’m right.
I think you are right! With housing prices at very affordable levels and interest rates at 1950’s levels I’m beginning to view consumer confidence as the big issue in the current real estate market. The doom and gloom in the papers as you describe and on the 24 hour TV news cycle isn’t helping. I live in Richmond, Virginia and it’s effecting the primary residence market here as I know its effecting the secondary home market on HHI. There are some incredible opportunities for buyers right now in just about every market. Hopefully confidence will build after Obama takes office on Tuesday and home buyers will begin to re-surface and take advantage of these opportunities!