Glenn Roberts Jr., article writer for Inman News, said in an article dated April 3, 2007 that:
"If home ownership is the American Dream, foreclosure is the nightmare."
How many of you would agree with that statement? Say "I."
The reality of the matter is that a lot of families consider owning a home to be a part of the American Dream. But with foreclosure rates looming so high, and the Credit Crunch taking it's toll, to more and more families, the American Dream of owning a home is now a nightmare.
What does this mean for Buyers?
Glenn Roberts goes on to write:
"This misfortune for some homeowners... presents an opportunity for real estate agents and bargain-hunting buyers alike."
He's right! We here the media talk daily about how the market is dying and how it's such a bad time to invest in Real Estate. But guess what...you don't make money by buying high and selling low. With foreclosure rates up at all-time highs, wouldn't now be a prime time to consider taking advantage and purchasing some Real Estate?
Dominic Monariti, a Real Estate Agent with Performance Realty Inc. specializing in REOs (Real Estate Owned) says:
"'People are quitting their full-time jobs and becoming investors now. There are more and more foreclosures on a regular basis. I can't even keep up with the hundreds of foreclosures that come on the market.'"
Here's a prime example of a Realtor who gets it and is sharing the message appropriately with his investor clients. But be careful not to jump the gun! You might be too hasty about investing in foreclosures and that makes for a poor investment; the last thing you want is for your investment to flop!
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