Take Advantage of This Market

Tuesday, February 24, 2009

Take Advantage of This Market

The Feds spoke today saying it may take 2-3 years to recover from this recession. That is not really a suprise from everything else we have been reading. But we also read another article about the housing market and how 2008 was one of the worst slide in history. So now what? Well, like we have been saying, now is the "perfect storm" to buy a house, especially if you are a first time home buyer because you do not have another house you have to sell. Demand is low and supply is high, which means deals are all over. For you ABQ folks, they are out there but you just have to look a little bit harder. Our market has felt the effects, but no where even near to what most of the nation has. Here is a little blurb from the referenced article we read on MSN:

Those best positioned to enjoy the discount:
1. Buyers who have good credit, stable employment and a down payment saved, including younger, first-time buyers who have been waiting for prices to drop so they can get into the housing market.

2. Sellers who still have plenty of equity in their homes, so they can afford to drop their selling price and use their equity to trade up to a better house.

3. Homeowners who can afford to wait out the bad years and feel no pressure to turn a profit anytime soon.

1 comment:

Anonymous said...: Although there are always opportunities to be had, before buying a property, it may be useful to read the following article.

It looks at the current banking crisis and compares it to previous banking crises around the world and looks at the likely effects on the economy based on past information.

The article is titled The Banking Crisis - Where are we now? and makes for an interesting read, particularly it's comments on the effect of the crises on property prices.; March 2, 2009 at 9:47 AM

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