The story goes that J.P. Morgan was getting his shoes shined one morning on the way to the office. The shoe shine boy was telling J.P about the stock market and how he was doing well in it. Now we do not know whether the shiner knew who he was talking to. But J.P. as the story goes went in that day and started to liquidate his holdings. His thinking was if the shoe shine boy is playing the market the market is over heated. That was in the summer of 1929.
Our housing market went through the same thing in 2001-2006. People were buying 4 and 5 houses to flip. Retirees were putting in their pension funds to spread them around buying Condos in Florida that were not yet built. They were selling them before they were half way finished. In the end the bubble burst
Today we have the herd in a frenzy over foreclosures and short sales. If these 2 words are associated with a property somebody will rush to buy it. Now forget that homes in a neighborhood are selling for 120,000. Folks are buying foreclosures at 100,000 that need 30,000 worth of work thinking they are getting a "deal"
At All Mountain Realty the only word that is important to us is VALUE. Do not be part of the herd that gets into a foreclosure or a short sale and end up putting more in to the house than it is worth. Work with your Realtor to find value and you will never have to worry about being caught up in the herd mentality
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