It's what we've been saying about the current market:
1- This is a great time to trade up. If this is what a current homeowner is trying to do, then selling their current home for a modest price (relative to the last two years) is a small price to pay to purchase a larger home at a relatively modest price (again, compared to the last two years). A 10% reduction in a current home worth $100M is only $10M, but 10% on a $200M house is $20M.
2- This is a great time for first time buyers. Renters have a great opportunity to take some time and find the right property and purchase a home they want to be in for a few years. It's better to not view it as a quick investment to be sold in the near future.
3- Potential second homes or investment properties that will turn into second homes. There is great inventory, see what's out there.
I just saw an on-line Yahoo! news article on this and thought 'Gee, this is what we've been telling clients 2008 is like'. Why is the media so slow to report this? It's harder to explain this to clients when clients think the media is telling them conflicting advice or assessments.
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