(Imagine This Is A Television Commercial Done In The Style Of A Typical Car Dealer Commercial) Attention All Renters!  Now, for a limited time, we've got excess inventory and EVERYTHINGS GOT TO GO!

No reasonable offer will be refused!  $500.00 down and you drive away with a NEW HOME!  Plenty to choose from!

Bad credit (well, okay...that won't work anymore unless you've got quite a bit to put down), but no credit is still okay! (as long as you've got four lines of SOMETHING that you've been paying on for a while).

Unlike most of these types of commercials which are a bunch of bunk, this really is the situation in the real estate market.  There IS excess inventory and $500.00 will still move you in!

Real Estate is still one of the best investments that you can make as long as you are at least fairly sure that your economic situation is stable, that you're going to be in the area for a while and that you're emotionally mature enough to be a responsible home owner.  If you can answer these questions in the affirmative, then now is definately a good time to at least consider buying a home.

But Bob, I just saw on TV last night that real estate prices are dropping.  Shouldn't I at least wait until they stop dropping?

While there can be an argument made for this line of reasoning and it is true that nobody (not even me) can 100% accurately call the bottom of a market, now is still a good time to consider hopping in.

True, the value of the home that you're buying may indeed continue to drop, but what are the chances of it dropping a whole bunch more?  Ask yourself these questions;  Will this home be worth more 5 years from now than it is now?  How about 10 years from now?

Chances are that any home that you are considering right now will indeed be worth more 5 or 10 years from now than it is now.  Even taking the fact that home prices are still declining in many markets across the country right now, the facts of the matter are that the population is continuing to grow (therefore these additional people will need roofs over their heads) and the costs of building new homes continues to rise (if the price of nails and roofing shingles goes up, then the price of putting these roofs over peoples heads will also go up).

Also, do the math if you DON'T buy a home during this "sale".  If you stay put, how much more will your apartment be worth 5 or 10 years from now?  The answer is that it doesn't matter because YOU don't own that property!  The only way that it matters to you is that your rent is probably going to go up.

Even if you buy a house and it only goes up in value a small percentage each year, you are still paying down a mortgage, getting a tax break, as well as all of the other benefits of owning a home such as increased privacy, greater freedom (you can basically do what you want to do with your home without having to ask a landlord's permission) and the pride of owning a piece of the American Pie!

Still not sure?  I understand!  If you're in the St. Louis real estate market or even if you're not and just want somebody to walk you through the process, please feel free to call me or to drop me a line.  You should at least know your options!

R.B. "Bob" Mitchell

ValueList Real Estate Services, Inc. 

Bob Mitchell is the president of ValueList Real Estate Services, Inc., St. Louis' largest discount/full-service real estate and mortgage company.  To find out more about Bob, ValueList or our flat-fee listing program please feel free to visit our web page, valuelistre.com