01/21/2008
Rest assured ladies and gents that the real estate market is not sinking. I may be an optimist, but as we all know Real Estate is cyclical. The corrections of late will allow us to move higher in the future. The analogy that the housing market is more like an Oil Tanker than the Titanic is fairly accurate given the above statement. The market corrects it self and although it may not turn on a dime it will turn eventually. Slower than most in our line of work would prefer, but it isn't a sinking ship. The housing market always comes back. People will always need a home, even in the worst market in 30 years. Also, the investors will come back. They always do. It's a capitalist market and when we reach the bottom, greed takes over. Investors and Joe and Sally Homebuyer will see that it's time to buy and the Tanker will begin to move away from the downslope and return to it's beautiful and powerful upslope. Mortgage rates are at the lowest they've been in 2 years, so if you have a buyer on the fence now is the time.
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