You came back?! Wow, I lost that bet - but glad you're here!
Just a quick question, plain and simple:
With all the news seemingly surrounding falling real estate prices around the country, are you still considering buying real estate in 2009?
I’d love to hear your thoughts in the comments.
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For me answer is yes, only if:
*I need a primary residence and monthly mortgage works out to be not too high a premium over renting.
or
*Investment property with potential to yield positive cash flow.
Given the new benefits for first-time home buyers on the new economic stimulus package, I am going to make every effort to purchase a home before the end of the year. Anyone know a good Realtor?
Investor R – so nothing’s changed. I doubt a veteran investor like yourself would be buying too many properties, even in the strongest markets, without at least a breakeven cash flow. And that’s a good point you make about the premium of owning versus renting. A lot of people assume buying a home is always a good investment, because of the opportunity to buy down the principle, but it isn’t always, is it?
Gary, I think I can find you a couple … or one. Welcome back to town!
I’m still buying, which means I have every confidence I can sell a house in this market when I complete the renovations.
We may be in a recession, but the basics haven’t changed. People still need a place to live, and people still want a nice place to live. Banks are still interested in making a profit, so they are still lending to folks who are likely to pay it back.
It’s hard to find a good buy when the economy is booming and there are multiple bidders for every available property, but that’s not the case now. Now is the time to buy, before demand increases and prices start to climb again.
So, if you know anyone who needs a nice little 3br 1-1/2ba 1979 brick ranch with a new kitchen, new 10×22 deck, new bathrooms, new electrical panel, energy-efficient 2×6 walls with R-19 insulation, copper water pipes, heat pump, fresh premium paint inside and out and gleaming hardwood floors … let me know.
Bob, I think I’m going to frame your first sentence – “I’m still buying, which means I have every confidence I can sell a house in this market …”.
I don’t know about you, but I’m busier than I was last year and last year was my best year since 2004, but I’d guess you’re finding much of the same. As I said last week, I think there are two distinct sets of opportunities: (1) Sellers have the opportunity to set their home apart, and (2) Buyers have the opportunity to get good deals. I continue to believe that.
And as a matter of fact, I just might have someone for that house. Email me some more information, if you would …
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