As a Realtor, the most common conversation opener when I meet anyone today is, “How are you doing in this terrible market?† Well, I’m doing okay, thank you. I’m focusing on the people who need to buy and sell right now, I’m paying a lot of attention to my business, and it’s working. I opened 3 escrows last week, and yesterday closed escrow on the biggest sale of my career.
You see, people are always changing and that means that they are always moving. Everyone lives somewhere. The four big reasons why people buy or sell homes are: birth, death, job change, divorce. Those things don’t stop when the economy gets bad, now do they? So life goes on, real estate goes on.
The next thing people say to me is “When do you think we’re going to hit bottom?†My answer is that my crystal ball is in the shop. We’ll know we hit bottom when we see that prices have begun to go up.
I was reading the April, 2008, Fortune magazine recently an interview with Warren Buffet, the financial guru of Omaha, Nebraska, and head of Berkshire Hathaway, one of the most respected stock holding companies in the world. Â Hm, what would something Mr. Buffet said in April look like in the light of what has happened in the last few months?
Mr. Buffett is a smart man. I didn’t read one word of prophecy, nothing we can examine 6 months later and say, “Well, that didn’t happen the way he said it would!†He did say this in reference to investing, though, “I always say you should get greedy when others are fearful and fearful when others are greedy.†Do you feel a bit of fear in the market today?
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