If there's one voice I'm willing to heed in the midst of a global financial crisis, it's Warren Buffet's. So I was encouraged when the Oracle of Omaha offered his sage and steady advice in a New York Times op-ed piece last month: "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful."
Mr. Buffet was referring of course to his philosophy on investing; however, his comments could just as easily apply to today's real estate market. While many Americans are understandably apprehensive about buying or selling a home, I wholeheartedly agree with Mr. Buffet's view that those of us who have the confidence to act in today's uncertain market stand to gain the most.
For buyers, it's no secret that good values abound. If you are pre-approved for a mortgage and rely on your Realtor's thorough knowledge of local markets, you will almost certainly be able to take advantage of today's adverse economic conditions.
For sellers, it is absolutely critical to position your property as the best home, in a given location, at a given price. And for those willing to do so there is good news. One, Chicago once again is showing its resiliency relative to major markets across the country. Two, today's buyers aren't tire kickers; they're serious. But inventories will likely rise early in the year, as they do every year, so now is not the time to "test the market."
Finally, it's important to remember that the same conditions that make this a challenging time to sell will benefit that seller-turned-buyer even more in a move-up transaction.
If you have any questions about whether or not this is the right time for you to get into the market, please contact me.
-Dave Straub, @properties 773.255.3180
(@properties November 2008 Newsletter)
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