While the financial markets are in upheaval, we hear "experts" tell us we're in a recession, some claiming we've hit rock bottom, others prophesising another great depression. Perceptions are very powerful in such volatile financial times. People with the impression that we're on a fast train to the bottom are pulling their money in a panic; and people acting in panic cause others to panic.
Nobody can be certain exactly what time it is.
If the market is like the face of a clock, with 12 o'clock being a BOOM and 6 o'clock being BUST, I think we can all agree we're currently somewhere between noon and 6:00 p.m. We're heading down, but all markets are cyclical. There are always ups and downs.
Everyone knows that the best time to invest money is in the time frame within the bottom half of the clock.
In the movie "It's a wonderful Life", while everybody panicked and pulled out their money, Mr. Potter remained calm and picked up bargains, and George Bailey was smart and held steady. They had a strategy and held to it. Panic is not a strategy.
These are momentous times that our children will be reading about in their history books. I see incredible bargains come across the MLS on a daily basis. It's a time where cool heads will prevail and savvy people will build their fortunes for tomorrow.
Olympia Realtor®, GRI, ASP, Built Green
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