Is this a good time to invest in real estate? Are people actually investing in real estate in this economy?
Wow. Although these questions crack me up I must admit that most people are asking them. They crack me up because I cannot imagine a time when it would not be advantageous to invest in real estate. Now is probably one of the best times to invest …and I should know. I have been selling real estate for 26 years!
Remember the 1980s? When I got into the market, interest rates were 14 ¾ percent and THEY HAD BEEN HIGHER! Guess what. People invested in real estate. Ask anyone who bought a property in the 80s if they were glad that they did. 100 percent would say yes…and interest rates were almost triple what they are now.
I have had people question whether they should sell their properties in this market. I will admit that most property values in our area are lower than they were a few years back. Does that mean they should not sell?
My question in response to these people is, “are you planning to purchase another property?” If so, YES, you should buy now. Why? Because the price of what they want to purchase is also lower than it was a few years back. People may get less for their properties but can buy much more on their next purchase.
Are people investing in real estate now? Let me tell you. The first 11 years of my real estate career involved full-time sales. I then went into management for 15 years. My husband and I decided to go into sales again for one major and simple reason: we feel that now is the BEST time to assist people dealing with this market. Agents are running away from the business in droves. But consumers need experts, ESPECIALLY now.
Are people investing? We had two different clients out on Friday, January 1st (yes New Year’s Day). We had a client out the 2nd, the 3rd and the 4th. I am writing this on the 5th and no, I do not have a client going out today…yet. With the first-time homebuyer tax credit of $8,000 for a written contract in place by April 30, 2010, buyers are looking. In addition, buyers who’ve lived in their current homes for five of the last eight years can also get a tax credit of $6,500 on their next purchase.
Is this a good time to invest in real estate? Are people investing in real estate in this economy?
YOU TELL ME!!!