No, I am not talking about going to the mall and meandering through all of the shops, looking for items on sale, or even better, a clearance sale! Well, actually, I am talking about that, in a way.
Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors.
However with so many foreclosures being offered for sale at steep discounts, still many homebuyers are fearful of the direction the real estate market is going, while others have even decided to wait until the sale is over before jumping of the fence. Now does that sound silly?
Anybody knows that when high quality apparel, electronics, home furnishings, or household items go on sale, it is a good time to buy. Sure, it is quite possible that if we wait another week the item will be reduced even further. It is also possible that other savvy shoppers would find the sale price so compelling there will not be any left to mark down. Personally, I think this is a great time to start shopping.
I am not proposing a free-spending spree even if Louis Vuitton is on sale. (What? You say Louis Vuitton never goes on sale? More on that later!) What I am suggesting is that there are good quality properties whose prices has plummeted right along with the market despite fundamentals that are still very strong. Hey, if you do not believe me, listen, or rather, look at what internationals buyers are doing...buying real estate in the United States!! Sure, they get great deals that are not available to all of us due to some of them paying cash or in excess of 60% for a down payment , but the point is that there are deals out there.
Ladies, if I told you that Manolo shoes were on sale for 50% of retail price, would it not be time to go try some of those high-heeled beauties on? Guys, if YOU hear that Manolo shoes are selling for 50% off, you might win some points, or the game, by suggesting to your lady a trip to the store. While out shopping, you might also find some really good deals for yourself. Of course, youâ€ââ€ΕΎÂ¢ll have to try everything on, make sure it fits well; look at yourself in the mirror to make sure it looks good; and compare it to other items and see which one you like best. (This is called shopping)
All I am suggesting is that it is time to do the same thing with real estate. This will also require trying them on in the form of proper research. If we find a property we like at a good price, we buy. (This is also called shopping)
*Now, back to the suggestion earlier that Louis Vuitton never goes on sale. At a PE of 11.6, a yield of 6%, a stock trading near a 52 week low, and other brands like Moet Chandon, Dom Perignon, and Tag Heuer, among others, LVMH Moet Hennessy Louis Vuitton SA may already be on sale! Contact your area Realtor ASAP.
You can contact me: andreshambley@keyes.com
