(I think these cats are geniuses........)
Warren Buffet once said "Be fearful when others are greedy. Be greedy when others are fearful". Warren Buffet is widely considered to be one of the most successful investors in the world.
If now is not a fearful time, then I don't know what is. Just read the latest housing industry news; some of these alarming articles can be found right here on my blog page.
If you are in a position to buy a home and have the financial ability to do so, you can definitely take advantage of all this fear by being greedy. You can only win by purchasing in a market such as this. A few years from now you will be considered a genius for purchasing a home in 2010.
How many years will it take for your genius to manifest? If historical housing cycles are any indication, it could be as few as five.
Yes, it's a fearful time for alot of folks. But if you feel any measure of security in your employment situation or that of your spouse and you CAN afford to buy, there can't be a much better opportunity than interest rates below 5% and housing prices at their lowest for quite some time.
I know what you are going to say. That's fine, Amy, but how do I profitably sell the house I have now if prices are so low? For some, it's probably not the best time to sell. I get it. But by the time it is, it won't be the best time to buy either.
The most important thing is to love the house you're in. If your current home no longer works for you and your family, what cost is there to staying in it versus not getting all of your money back on its sale? Only you can guage that.
*Some content of this blog post was plagiarized from the awesome genius, Jeff Shore.
