People are always asking me, "Bernie, what do you think about the real estate market?"  I really love it when people ask that question because it gives me a chance to talk about real estate with them and perhaps even change their paradigm (little did they know what they were getting themselves in for!).  The surprising thing about this question, is that most people seem to be convinced (even determined) that the market has turned bad, and this notion inexplicably tends to lead people to shy away from buying or selling property.  Many of us have read something negative about the real estate market in the news paper or on the Internet or maybe learned something just through casual conversation with a friend.  It is no wonder that this has led to the prevailing perception that anything having to do with the housing market is negative and should be avoided.  Bad news, always travels fast!  Because of the Internet, people are now more educated than ever before about the purchase and sale of real property.  But this knowledge is mostly acquired for a specific purchase and the duration is usually short lived, unsustained and incomplete.  Even so, statistics show that buyers usually used the services of a professional realtor to help them validate their decision and facilitate acquisition of the property.  Most people who are unfamiliar with the market know even less about the macro and micro aspects of real estate (which is relevant if you're making a sell, no sell or buy, no buy decision).  Indeed, many real estate professionals are somewhat deficient in understanding what is really happening to the market around them.  Simply speaking, if you're going to be great in the real estate business you must have a good grasp and working knowledge of these things and how they impact buyers and sellers. A little knowledge or an erroneous assumption, may lead buyers and sellers to make hasty uninformed decisions that could cost them time and money on the sale or purchase of the biggest investment they may ever make in their lifetime.  For instance, many of today's buyers are convinced that they should wait until the market improves before they buy a home.  Well...I don't know about you, but if its a "buyer's market" then wouldn't it make sense that the absolute best time to BUY a home is probably...right now?  I recommend that you don't wait for interest rates to go up before you buy.  Earlier today, our preferred Mortgage lender, Ms. Linda Mister, WR Starkey Mortgage  http://terrichristian.com/preferred_mortgage_provider advised that she expects interest rates would likely go up as early as tomorrow.  Many of today's buyers have never experienced double digit mortgage rates like those of the 1970's and may have a false sense of comfort if they believe that today's rates will always remain so low.  Perhaps we are too accoustomed to low mortgage interest rates!  Can you imagine waiting the market out for a better day only to later discover that a dramatic upward shift in rates occured and having no idea when the market might adjust downward again?  Actually, what you need to know, is that market conditions are favorable for buyers to ACT, right now!  Buyers, would you rather wait for another "seller's market" before you buy?  That's when sellers are considered to have the most leverage to sell on their terms.  If you're hesitant to buy in this market, when do you think you should buy? Alternatively, a "buyer's market" can be an opportunity for a motivated seller to take advantage of renewed buyer interest (I didn't say all buyers were turned off with today's market). 

Generally, it might be well to remember, that people's lives are constantly changing due to both fortunate and unfortunate circumstances.  For instance, a person may move from out of state to take a local job or maybe the death of an elderly parent could create a need for the purchase or sale of a particular property.  Because life and economic cycles are dynamic, it is a natural occurrence that real property is always changing hands.  Market values also shift according to supply and demand.  Realistically, there is no such thing as a good or a bad market but one that merely changes due to economic conditions in play either nationally or locally.  The most obvious and direct benefit may have (in many but not all markets) shifted from the seller to the buyer, but there is nonetheless a positive economic benefit that has occurred!  You may have heard the phrase, "Under all is the land".  Indeed, the land is under our homes, schools and businesses, etc., and there is always a driving need for it to change hands even under the most dire economic conditions which could be due either to direct action or unexpected circumstances.  Regardless of whether there are "bad markets" or "buyer's markets", land is indestructable and lasts forever.  Demand may wane but it never disappears.  So long as there are people, there will always be an economic need for someone to buy or sell property.  Perhaps (very soon) that someone will be you!

I hope this has been helpful to the indecisive!

Bernie