The Associated Press blasts the Real Estate Market Again!!!
My goodness. Do these economists have a clue with respect to fuelling another housing-led recession? Both buyers and sellers are begining to think that it isn't a good time to buy or sell real estate. Ring all Alarms!!! Let's find a Mortgage Professional and quote his doom and gloom scenario such as: Robert Moulton, president of Americana Mortgage Group. "I think prices have a way to go down," he said. MSNBC reports today as a featured story the following headline: Spring looks like a washout for housing market . A big drop in applications for new permits indicates the bottom hasn't arrived.
Well let's hold the fort and do nothing until the bottom has arrived right??? Will the Associated Press announce that also??? I doubt it! When is it the right time to buy? When is it the right time to Sell? According to most newspapers it isn't right now. Helloooo! What sells newspapers? Headlines Stories that are generally over-dramatized. The market is an absolute normal market. What might be considered abnormal? Double digit interest rates such as the 1980's; or double digit appreciation rates such as the late 1990's. We're in a normal market and in fact, it's a tremendous time for first time home buyers, move-up buyers, investors, and sellers who plan on making lateral or step-up moves. The interest rates are still at 40 year lows and prices have dropped. Even if they may drop slightly over the next view months as glorifyied in the newspapers; buyers buying now will only be in a better position, because very few people actually time a perfect low buying point with a perfect low interest rate. Real Estate has been and always will be one of the primary economic forces in the world. It is the single most largest acquisition for the majority of people. It is what builds the "American Dream". Not sure if there is anything else out there that pale's in comparison.
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