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Real Estate: It's a Jungle Out There...Or Is It?
If you turn on the news, you would be convinced that the sky is falling...everyday...on any given topic. This isn't necessarily new, but the flavor of the day is the economy. Are we heading for a recession, or is the media creating one? Well, you will have to decide for yourself. Obviously there is hard economic data that comes out in the form of consumer confidence, or the sale of durable goods, and of course the housing reports; but what does it mean in your backyard? In Florida, we have this running joke that as soon as there is some sort of tropical depression off the coast of Africa, all of the weather guys are crying doomsday, and run for the hills. There is no doubt that hurricanes are serious, but there is also no doubt that it takes as much as 2 weeks to reach us from where it originates. So what does this have to do with real estate? The media was talking up a recession 6 months ago when we were at a 5% economic growth. They were talking about it 3 months ago when we were at 3% growth, and they are talking about it today. As of the date of this article, we have still not been in a recession, but to listen to the news, it is a given that we are in the middle of one. The same is true with the real estate market. There is no denying the fact that foreclosures are up. And there is no denying the fact that there is a surplus of homes on teh market. But, there is also no denying the fact that buying low and selling high is the fundamental truth of investing. I have never heard Donald Trump say that you should buy high and sell low, and yet people are still waiting for validation from the media before they buy a home. Do yourself a favor and look at your local market. don't watch the news, ask a professional what the attrition rate is in your area, and if there are deals available below market. I'll bet there are, in any market.
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Contributor's Note
Steve Russell is a Mortgage Banker based in Florida with 11 years experience in the mortgage industry.
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Steve Russell Mortgage Banker
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