Saturday, November 08, 2008
Record home sales in 2008!
Our company has experienced record home sales in 2008. Many people may find this surprising considering the media. However, we specialize in the sale of bank owned properties, in fact over 95% of our sales this year were owned by banks. Does that give you a good idea of what people are buying? Everyone is looking for the deal and for now, most folks just cannot compete with the prices of foreclosed homes. If you are an individual looking to sell your property, my best advice is if there is any way to sit tight for another year or two, try and do so. The only market that does not seem greatly affected is the luxury home sales 2,000,000 and up. All others are still seeing declining prices. My feeling however is that we are at the bottom. Darin and I just purchased a single family home for 29,900 as an investment. When you start seeing prices like that, you know you are close to the bottom of the cycle. If you are an investor looking for rentals, it's time to jump back into the game. The potential for rental income is actually increasing due to the difficulties first time home buyers are now experiencing getting financing. Get out there and buy some real estate folks, and lets all boost the economy a bit while investing in our future.