Tuesday, February 12, 2008

The State - of Real Estate 2008

We’re still hearing how the market has tanked. The media loves to present the doom and gloom. We are experiencing the natural cycle of a market - of course we couldn't have maintained double digit appreciation forever. Greedy lenders (coupled with ill-informed borrowers) and overly aggressive builders didn't help either - it was like a perfect storm for the market to slow.
No Illusions. The truth remains that this could be the best time in years to buy home – interest rates are lower than they’ve been in years and home prices are very competitive. Have things slowed down? Absolutely, it has definitely shifted to a buyers market. However there are great opportunities for a buyer looking for a first home and a seller could come out well ahead if they are looking to upgrade. The money saved on a discounted new house could make up for any reduced profit earned on the sale of a current home.

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