When the market was booming, the urge from the real estate industry went something like this: "You better buy now, because prices are going up and you won't be able to afford the house you want a year from now." The logic was unbeatable...if you consider real estate an investment, rather than shelter.
Now that the market is in the tank, here's what the nattering nabobs of optimism say (and this is a direct quote from a company called GamePlan Resort Solutions): "We are in the midst of a strong ‘Buyer’s Market’ which means that it is a great time to buy while the incentives are plentiful, interest rates are low, and sellers are motivated."
Well, yes, it is a great time to buy...if you have the cash and if you are looking for a home. Unspoken, of course, is that if you own a home, you are going to have to be a motivated seller in order to buy one of those homes being offered by another motivated seller. Ergo, you accept less for your house and then have less to pay for their house.
Resort Solutions also quotes news reports to show that, "Recently there have been indicators that the economy is accelerating and the real estate market is gradually coming back to life." The company's email was sent to us on Wednesday (Feb. 28), the day after the 400+ point loss on the Dow Jones Industrials, demonstrating, yet again, that Pollyanna is alive and well, and probably selling condos in Miami.