Consulting 30 Sep 2008 12:17 pm
Now What?
With yesterdays 778 point drop in the Dow average, people are starting to ask “What do I do now?”
I think that answer is fairly simple, WAIT! When people panic, catastrophe awaits some which allows others who are skilled to make greater amounts of money. As I write this, the Dow average is up 394 points today, regaining half of what it lost yesterday. We saw a similar plunge and rebound immediately following the attack on 9/11.
So how does this play into the Real Estate Market? The same, Be patient, and strike while the iron is hot. People are going to get nervous and they are going to pull money out of the market to protect their retirement and future well being. While they are doing that, they more than liely are NOT going to run it down to a local bank for a saving account, but rather seek refuge in one of the greatest and most stable markets of all time, Real Estate. Granted, they probably will not be investing in new homes, but they will be seeking out rural and raw land into which to reinvest this money. They also will be seeking out investment properties for rentals or short term turn overs.
So, if you are either holding a piece of land, or looking to invest, now is actually a Great time to be in the market. Prices are at lower levels than two years ago, and are perched to make a great increase over the next 5 year period.
If I can be of any assistance, or one of our staff, please feel free to give us a call. 615-824-0044