In the past few years, we’ve all been careful to choose our words carefully, not calling it a recession until it fit the technical definition and avoiding any inappropriate use of the “D” word — Depression.
Things were bad but the broader economy never reached Depression territory. The housing market, on the other hand, just crossed that threshold.
If I were selling a house…or was dependent upon the sale and price of a house for a commission…I’d be worried.
But what a great opportunity it is to be able to buy a house…a house that was built in 1975 and sold for $30,000.00…that in 2005, was on the market for $180,000…and can now be bought for $75,000?
In the mean time…prudent home owners should be investing in energy audits and using them to guide them toward efficiency upgrades so that the homes that they presently live in will not only serve them more comfortably and efficiently…but will be suitable to compete with the newer, energy efficient homes that will be on the market when it comes time to sell in better times.
Savvy buyers and home owners will not only be able to profit during this “depression” (as many did during the Great Depression of yesteryear) but can exploit it.
Or, they can sit around and blame the politicians and do nothing.
I wonder what those looking back on this 50 years from now will say.
Yup Jim I agree. The wife and I are hoping to take advantage of this situation if possible. Homes are becoming more and more affordable for sure.
We just need to market re-model inspections a little harder for awhile.
Things cannot possibly improve for those selling and profiting from the sale of real estate until the foreclosures trickle off…and they have not even peaked, yet. Supply is so far exceding demand…except for waterfront or other unique properties…that there is nothing else to do but wait it out.