When do you know if things have bottomed-out in real estate in Columbia?? Many buyers are "on hold" because they are waiting for prices to drop more, sellers to become more desperate, and the deal of the century to be in their face.
I think what they are really waiting for is for the ever-present and all-knowing news media to proclaim, "It's over! Prices will not drop any lower!! Things are starting to move forward!!" Well, the funny thing about this is that THEY don't know this until it has already hit bottom and the turn has been made. And once they make this proclamation, the buyers who want the best deal have missed that window.
It reminds me of a similar situation that took place about 4 or 5 years ago. The stock market was starting to show signs of vulnerability. Then one day Katie Couric, of the Today Show states that real estate is a good investment. She gets all these talking heads to give their opinion as to why one should look at real estate for investment opportunities. And there you have it! NOW real estate is a good investment.
Let me tell you that real estate is and always has been a GREAT investment. It is far more stable than the stock market...especially in Columbia, SC. As most people know, we did not experience the bidding wars, the inflated values, the 20% appreciation overnight that other areas of the country did. We are OK here. We have not lost significant property values anywhere, and in most places of Columbia and its surrounding cities, the properties have held the value they had 1 ½ years ago.
The November edition of SMART Magazine ranks Columbia as one of the first 25 cities to see a turn around in the housing market. Of that 25, we are ranked #7!!
Instead of riding out the stock market woes, consider buying at least one rental property to have in your portfolio. Renters are plenty and the tax write-off is wonderful. It's a great way to make your own finances a little more "economy proof".
So are you going to let the best time to invest in real estate pass you by?? Interest rates are still low (around 6%). The supply is huge - lots to choose from. And we are coming in to the holiday season where the market is historically soft to begin with.
Call me to discuss the possibilities! Now is the time!!
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