Inevitably, at the end of every year, the pundits feel compelled to offer a recap of significant events, and I am no exception. But how to characterize this past year in real estate? Crazy? Challenging? Disastrous? Surprising? Unpredictable? Each of those words seems to apply somewhat.
It’s easy enough to focus on all the negative aspects such as tightening credit, increased foreclosures, failing financial institutions, and decreasing home prices ~ pretty scary stuff. But as President Franklin Roosevelt pointed out so many years ago, in far worse circumstances, “All we have to fear is fear itself.”
I am struck by the fact that virtually no one saw this year of upheaval coming. You will notice that none of the “experts” who made predictions 12 months ago, are stepping up to say “I told you so.” Keep that in mind when you hear predictions for the coming year. The truth is that no one can forecast the future of the real estate market with any degree of accuracy. There are simply too many variables in play.
So why not concentrate on the positives? Housing prices DID go down. Home inventory DID go up. Many buyers ARE able to re-enter the market. Interest rates ARE at historically low levels. Opportunities to own your own home ARE genuine.
Once we get beyond the fear of uncertainty, there is reason for a great deal of hope and optimism. I stand by my ascertain that the best time to buy real estate is whenever it’s the best time for you. If you are fortunate enough to have good credit, a stable job and cash for a downpayment, then now may be an excellent time to buy. Give me a call if you’d like help in assessing your options. 206-708-9800
