Is their Hope in 2009 for Real Estate?
Posted on January 28, 2009 in the Real Estate category
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In 2009 the real estate market may be as scary as those monsters of the silver screen that spooked us as children, but to others it is a chance to thrive. For those who are seeking to buy property whether a house or building the lower prices are a plus. Those looking to rid themselves of property are not seeing the same benefit as they are losing money. There are many reasons why one may be in favor or against the market in 2009. It will bill hard for one to sell their property and those looking to buy are finding it to be their market.
For the new couple that in the past may have struggled to find a place to live and start a family the market is a great thing. A few years ago the prices of houses were astronomical and a new life for young couples was seemingly out of reach. Now in 2009 their dreams can come true with out breaking the bank, this new couple will definitely be in favor of the markets current state. Again, the American dream is alive and well.
On the other hand if you have a family that has been living in a house for a few years and find yourself needing to sell unexpectedly finding the price you feel you deserve will be a tough task. Those forced to sell because of a career change, taxes or other sudden causes may have to get rid of the house now and can not wait for the market to change. The hard spot that these people are now put in will obviously not put them into favor with the new market. If you can hold on to your property, as it will hopefully rise again in the future.
Looking to start a new business or already have one but would prefer to own the building rather than rent? If so this market is best for you. If you are currently able to spend some money, now is the time to invest in property as low prices lead to a good chance for a great opportunity for your business or just as an investment. Paying rent to someone else may no longer be a necessity.
All-In-All holding on to your property or purchasing it at the low end is your best investment if you are in the financial mean at the current time. The real estate market will eventually rise again and your purchase price now will surely rise as well in time. Throughout time buying real estate has always been considered the best investment and should prove to be in the future.
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2 Responses to “Is their Hope in 2009 for Real Estate?”
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Why do you assume that prices are down everywhere? In South Carolina, the median home price fell by 3.5% in 2008, while Greenville, SC actually posted a 2.4% gain in median home price compared to 2007.
Greenville, SC and many other markets which never experienced absurd appreciation rates in past years, are still experiencing modest appreciation.
Greenville, SC has been a buyer’s market for the 6 years I’ve been a Realtor, and that is simply due to supply outpacing demand. As a growth market (10% population growth from 2000 to 2007), and the 35th largest CSA in the US, Greenville will likely continue to be a buyer’s market for many years to come, but it definitely doesn’t mean that prices are on a downward slope.
- Cameron Keegan
There are a lot of great resources on the web that can help you determine where the markets are up and where they are down. Sorry for the shameless promotion but there are a lot of great tools on both cyberhomes.com and the new blog cyberhomesblog.com. Check it out.