The Real Estate Trend for 2009 looks like more of the same. Defaults, unemployment and bank failures are all going up. However; if you believe in America, which I do, then you know things will turn around sooner than later. I see 2009 as starting out down and then moving up fast.
Here is something to consider: Today you can buy an almost new home for less than it would cost you to build it yourself. With gas prices going up it runs the cost of everything up and by 2009 building costs will reflect this increase. Once the glut of foreclosures are off the market you will have to pay a lot more to build a new home than buy a resale.
In five years when you ask a successful person how they made their money, I believe they will tell you they started buying up good deals in Real Estate in 2008 and 2009 when the market was down and rented or leased them out. After all, when a homeowner is foreclosure on they go rent or buy something they can afford (basic needs: food and shelter).
Now is the time conservative, disciplined investors go to work and make money. It is hard to run into the burning building while everyone is running out. Going back in after the fire is out yields nothing but the clean up, get into the market now when it is down not later when it is back up. For investors with the fortitude, now is the time fortunes are made.
V/R
Brady Howard
Associate Broker Keller Williams Elite
Chesapeake VA
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