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As more dire news and headlines about the real esate meltdown continue to hit the newspapers I’m reminded of so many things that have all happened in the past before… the more things change the more they stay the same.
I had joined a colleague at a business meeting to discuss some Internet business and he started talking about this girl he knows in Detroit.
The conversation drifted to how now is the time to buy and we should start really buying up a lot of properties in 2009 to be positioned for the expected recovery in property prices and sales starting in 2010. After the real estate investing market meltdown there’s sure to be recovery. Always has, always will.
And he got to talking about how another friend of his had marveled at the prices for lakefront property on Lake Michigan.
The friend told him he’d never seen these properties under $250,000 to $300,000 apiece. But now he was seeing properties formerly in this range going for right now in the $80,000 to $90,000 range.
I don’t know what kind of condition these properties were in or if they’re in a state of disrepair but these numbers are extremely telling to me on exactly how deep the damage in the US housing market is and just how far things have fallen.
The pain being felt by the American consumer is extreme and cuts deep.
Don’t let the news media prognosticators fool you. There is lots of pain out there and talking to any of the executives of the Fortune 500 companies will confirm this conclusion.
I read an article the other day about how many executives were remarking they’d never seen anything like this with consumers having such tight grasp of the purse strings.
But as with any trough the black of night will yield to the dawn of a new day and growth once again.
Get your finances ready, your resources organized, and your strategy finalized so you can begin to implement your buying process successfully starting right now.
There is no better time than the turn of the new year to get rededicated and re-focused to your overall financial and real estate investing strategy.
Until next time keep purchasing every property you can get your grubby little hands on.
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