I know I've been guilty of it, I pay too much attention to it. Heck, my last 3 blogs have been about it. It's all this negative blogging and news stories about the real estate market that has us running for the hills. I actually don't look at it the same way many people are looking at it right now. Sure, prices are low, inventory is high, but this just means it's a great time to invest. Any other market, don't you buy when prices are low and choices are plentiful? There is so much media broadcasting that we haven't even seen the bottom of the barrel. How do they know? Hardly anyone was talking depression at the start of 2007. Maybe things will turn around? Maybe the fed is taking the right steps to turn this around as quickly as next year. We simply don't know.
Why do we want real estate prices to go back up? Isn't that part of what got us here in the first place? Sure, anyone that purchased property in the last 15 years or so may have over-paid. I know I did. It's not like we are talking a tremendously huge difference either. 15% in the last 2 years the price has dropped, what if that's the bottom?
I have always been told from my grandfater (also a real estate agent), "There is no investment on Earth, like the Earth itself" and "Land, they're not making any more of it". I have to agree, except they are kind of making more land. Land is a precious commodity. A shelter is a neccessity. This market is going to even out, because it's not only a fundemental of the economy, it's a fundamental of living.
I do have to admit, things are a little scary but only because we don't know what is going to happen. Things are going to change. Homeownership is taking a funny turn. I predict we will be certain about the direction of the market in the next year.
I for one don't want to stand by and let this amazing, once in a lifetime oppurtunity pass me by.