Fear & panic dominates today's economy. This fear has caused stagnation in everything from the use of commercial paper that fund day to day activities of businesses to interbank lending both domestically and internationally.
With respect to the real estate market many investors purchased one or more properties as speculative or long-term investments over the past several years. Those who have been unable to sell their properties are experiencing staggering losses as well as a tremendous drain in dispensable income.
On the other hand, there are many investors who did not partake in the buying frenzy of 2002 - 2006 and as a result they do have cash. These investors along with many others are in the market ready and able to acquire property as either a primary residence or investment. Simply stated, NOW is the time to BUY!
Current real estate prices in many states are dropping to pre-levels that existed years ago. In addition, these prices may even continue to decline further into the later half of 2009 or early 2010. Finally we are entering a viable period of time to purchase quality properties at more than affordable prices. My advice is to take advantage of this opportunity NOW before the rest of the herd picks up the scent!
Monday, October 13, 2008
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