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EXIT Realty's Steve Morris says, "It's Always Darkest Before Dawn"
A commentary by Steve Morris, Founder & CEO, EXIT Realty Corp. International
Knowing precisely what to do next in order to progress and succeed is the mark of great leadership. It's also the prerequisite of sound investment strategy.
At some point in 2009 the bottom of the real estate market will be established and formally announced. I suggest that perfect timing for this would be the end of June. This all-encompassing "line in the sand" would be drawn, of course, as a result of relentless compromise between lenders and borrowers who have heretofore frenzied furiously in the sub prime aftermath. In either case the resident, tenant, customer and client will stop looking down once this stand is taken. Given pause, everyone will then begin looking up.
It goes without saying that when you're sitting on the bottom of a garbage can, there is only one place you can look, and that's up. Then, from the standpoint of strategic initiative, we're all faced with the premise that it's always smartest to buy real estate when it looks its lousiest. Well come June, just how lousy does it all look? Then again, where is the money going to come from if you did ... more
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