The Real Estate Housing market has suddenly created a glut in the market place of Real Estate Experts. Each and every one of them in one venue or another spouting the same rhetoric.
" Now is a Horrible time to buy " or " Buy Now if you want to see your Equity go down the drain ". Or how about this one. " It might not be a bad time to consider buying, that is if you could get a loan ".
If there is anything the general public should have learned by now given the position of our struggling economy is this " The Experts Don't Know Crap ". If they did would we be in the position that we are now ?
This week Dave Liniger International Chairman and Co-Founder of the largest and most successful Real Estate company in the world RE/MAX was in Portland Oregon to present his Be Great In 2008 seminar to several hundred eager RE/MAX Agents and Brokers.
Dave Liniger shared with us his view of the market shaped by his 40 years experience as an active participant in the current market.
According to Dave it appears as if the Market that you are seeing this year will most likely be the same market you see next year for recoveries are normally slow moving evolutions. Yet improvements will come and eventually will go as up and down cylces are part and parcel to our business.
In regards to advice to Buyer's wanting to know if the market has hit bottom yet and should they consider buying or waiting to buy. Dave's advice was the following. The market is as of yet not at the bottom. It is probable that it is close but is still not there.
As far as buying goes, one must ask themselves about there purpose of buying. If indeed you are buying for the short term say 1-3 years tops then it is not a great time to make a purchase. That is unless you were presented with a steal of a deal or that your were paying a fair price and even though you would only be occupying the home for a short time, you intend to keep it for the long haul.
If however you intend to move in and or keep the house for 5 to 7 years then it is definitely a good time to buy. Dave follows that with the history of recessions, up and down markets in the US over his 40 years of experience and notes that the real estate market generally has ten year cycles. Stating that the equity appreciation of properties for the most part have never let people down during that cycle.
I have only been in real estate for 20 years. As I look back and analyze the markets that I have lived through I recognize that what Dave Liniger was driving at was what I could consider similar to my experiences. Indeed those who I had sold homes to when the market had previously been on a still downward trim did go on to see positive equity positions when the held there homes for at least 5 to 7 years. And only those who attempted to sell in the short time of 1 to 3 years put themselves in harms way.
The seminar that Dave gave was a three hour event. This portion only covered a brief 30 minutes or so. The rest was Jam Packed with great information and all who attended could not help coming away feeling confident and encouraged.
Dave recommended a Book to read. I am picking up my copy this week. The book written by Jack Canfield and titled " Success principles " outlines a simple formula [ E + R = O ]. The Event plus your Response equals your Outcome.
If the Event is a down market and your Response is one of despair and hopelessness then your outcome will be the same. However if your response to the down market is to embrace it and to look for opportunities then your outcome will be one of success.
Wishing us all great success in 2008 and Beyond.
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