Is the Real Estate Market Really in Shambles?
- 02.28.08 - Is the Real Estate Market Really in Shambles?
- Sub-prime mortgages wreak havoc in real estate market!
Foreclosures hit record levels!
Homebuilders saddled with huge over supply of homes!
These are the headlines in today's news stories and in a self-fulfilling way, the public has bought into the idea that the real estate market is in the tank everywhere.
While it is true that some areas of the country are experiencing some real problems as above described, the truth is that the Columbus-Phenix City area in not even close to such dire straits.
Yes the market was down here in 2007 in comparision to 2006. but the truth is 2007 was the second or third best year ever recorded in our area.
More truth--interest rates are at or near historic lows and home prices, while pretty much static in 2007, are poised to begin rising again.
What's the point? Cautious buyers who are sitting on the sidelines should jump in now because rates will go up and prices will begin another round upwards.
Why? Because our area is on the cusp on historic growth. Between now and 2012, more than 20,000 new jobs will be available in our area. It is estimated that the area population with grow by approximately 50,000 people in the next few years.
Just like the stock market, most people are poor at timing the market. If there ever was a time to be in a "buy" mode, it is now!
By the way, the U.S. Federal Reserve recently reported that between 1995 and 2004, the average renter accumulated $4,000 in wealth. In contrast, the average homeowner accumulated $184,000. Furthermore, the typical homeowner holds their property for six years. Within this period of time, it was estimated that 97 per cent of the homeowners will have a positive equity position in that time.
Here's the bottom line. 2008 represents the best window of opportunity that buyers will have to find excellent deals with excellent financing. If they wait, prices and interest rates will be higher and the reluctant buyer may be forced out of the market. Better get going now!
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