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4 great things about the market right now

By
Real Estate Agent with Keller Williams Metropolitan

I recently had the opportunity to sit down with Rick Geha, the broker/co-owner of a Keller Williams office located in Stockton, California-The #1 location of foreclosed properties in nation.  As a matter of fact the day I spoke with him he told me there were 3600 single family homes on the market in his town, 64% of which were either foreclosure or short sale properties.  I have been a huge proponent of "your local real estate market is not the national real estate market", but during my conversation with him, he told me four undeniable truths that translate to any market.

  1. The interest rate is at an all time low which should be bringing buyers out in droves.
  2. The combination of the interest rate and lower home prices (especially foreclosed properties) are helping first time home buyers out tremendously.
  3. Its the perfect time to buy up.  For buyers looking to sell their home now and buy something larger, now is the perfect opportunity.  Remind them that "an incoming tide, raises all ships" meaning if they want to wait to sell when the market is better, the market will be "better" for their new dream home and whatever percent of increase they get on their old home will translate to what increase they will have to pay on their new home costing them possibly 10's of thousands of dollars more.
  4. It is an investors paradise out there right now.  With foreclosures hitting an all time high, investors are coming out of the woodwork.  Find them, because they are looking.

Look for every opportunity in your day to day lives, to find new buyers and investors.  Take the time to educate the people in your lives that now is the time to buy and explain to them the opportunity they have to save big.

Wishing you the best in life and business,

Joshua Matthews-Keller Williams Coastal Realty

Comments (7)

John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
All good points Joshua, many first time buyers will now be able to afford a home.
Jan 26, 2008 05:05 AM
Al Maxwell
Keller Williams - Marietta, GA
Real Estate Agent
It is a great time to buy, especially if you do not have a home to sell or are in a move-up situation. Thanks for the post...
Jan 26, 2008 05:05 AM
Steve Shatsky
Dallas, TX
Now if someone would just tell the folks at NBC and the rest of the media about this maybe people would feel more emcouraged to move ahaead with their home buying or selling plans!
Jan 26, 2008 05:21 AM
Al Maxwell
Keller Williams - Marietta, GA
Real Estate Agent
That's good to know. It is a great time to buy, especially for first time home buyers. Thanks...
Jan 26, 2008 05:28 AM
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor
People may listen to the news, but if you are known in your neck of the woods, they will listen to your advice if it makes sense. Just have to educate them.
Jan 30, 2008 11:46 PM
Anthony Rael
RE/MAX Alliance - Arvada, CO
RE/MAX Alliance

It is a great time to buy, the biggest challenge right now is getting buyers qualified.  The recent rate cuts, high supply of homes on the market and positive media attention in recent weeks is getting buyers excited, but the new lending restrictions are making it tough for many to still make the jump.  What I see is a perfect opportunity for move up buyers.  You might not get what you "want" when selling your house, but you'll more than make up for it and come out ahead (in most cases) on the purchase of a new one.  Have a great year everyone!

Jan 31, 2008 04:10 AM
Paul Carrier
Bean Group - Rochester, NH

Great post Josh, and good tip on finding those buyers- "in our day to day lives". We have to look for buyers doing whatever it is we do: shopping, school events, or anyhing we are doing at the moment. There is always a way to bring Real Estate up.

Paul Carrier- Keller Williams Coastal Realty

Feb 13, 2008 05:04 AM