2009 Outlook 1/21/09

Today I attended a sales training seminar reviewing the outlook for the real estate market in 2009. The most important note taken away from the seminar was that American real estate is viewed by foreigners as the most coveted, secure investment in the world. Foreign buyers are taking advantage of the tremendous values here in the states hardest hit by the real estate bubble bursting. Certain parts of the country are already beginning to see positive signs leading to a more steady market. For Charleston in 2009, expect a year of recovery.
A lot of my clients who have been on the fence about buying because they are "waiting for the bottom," are actually beginning to make appointments to take a look at what's available today. Here on the Island there is no question we have seen an increase in traffic since the first of the year.
As far as market conditions are concerned and what to expect for 2009, we will most likely see an increase in short sales and foreclosures in the first half of the year, but anticipate that those deals will be snatched up quickly with interest rates and prices the way they are now. The combination of favorable prices and interest rates could be the best we will see in our lifetime, and with all there is to choose from, this continues to be an excellent buyer's market.
Personally, I am purchasing a larger condo that is twice the size of the one I live in now, and with the deal offered, my payment will stay the same. Challenge yourself to be creative and think outside the box to consider what opportunities you can potentially capitalize on. Some ideas to consider are:
Would a seller consider a trade?
How can I buy a short sale or foreclosure?
Can I enter into a lease/purchase scenario that is favorable for me while I build my credit and save some cash?
Would a seller consider Owner financing?
I think there is an opportunity for everyone in today's market, so let me know if I can be of service help you navigate through your many options.