I can only imagine as a buyer what I would do in this market (if I wasn’t a real estate professional) with all the noise from the TV and Newspaper, my relatives, and friends….. Who do you trust?
First of all, (I am probably going to get into trouble from someone, somewhere-so what, I have seen plenty of trouble) I don’t think anyone on earth (besides GOD, who is IN CONTROL) knows for sure exactly what is going on with the world economy.
I believe that the United States is currently in a humbled state because of our recklessness in our spending and lack of saving. This humbling has had a drastic effect on our households, local, state and federal governments, small and large businesses and financial institutions. I believe that with the extent of people and organizations affected, most of us will avoid the same mistakes again. Long term, our economy will grow again, but probably more stable and steady growth.
Of course, I am no economist and I have no credentials to even have an opinion. I have seen a new attitude in people and government and business. We are seeing many signs of recovery, and of course, many people are concerned with their own instabilities and rumors of their jobs.
We enjoyed a 30 year run of continual increase! Nearly everyone I know has so much wealth, we just took it for granted and stopped saving and our pleasure was buying the “next thing for the kids” or ourselves. Most families today rely on “2 incomes” because of our debt and runaway spending. I believe most of us have learned our lesson and are back on track to recovery and responsibility.
There are many good things going on now! Families are enjoying “at home” activities more and we appreciate what we have more than ever. Housing costs have decreased in our area, and many people are buying homes at a fraction of what they were, leaving more disposable income. With the large availability of affordable housing, the area seems ripe for employers to rush in and start companies here. The wage scale can be much less here and employees can live just fine here with lesser income….it will be interesting to see what comes into town.
I personally believe that if you need housing in this area, I think it is a wonderful time to purchase. The affordability index at a all time high! Even if the market drops a little more in the near future, you can stay where you are through the remaining bumps, and enjoy your home and great payment. If you are an investor, fantastic deals and cash flow possibilities are available, and renters are on the rise.
With all that said, you are looking for the answer to the question! I want to preface this by telling you that my spending might be different than yours. I am just using this forum to leave you something to think about.