It IS a Buyer's Market...

Just a brief comment on this Ad Age article...

The bust in the housing market hit a lot of folks’ monumentally hard and positioned thousands of home owners for a major fiscal crisis. I understand. But as the housing market cycles through and out of this recession it’s important that we not only do what we can to get through it - but we need to remain focused on the big picture. What does that mean..it means that even in a major housing slump, there is at some point - a good investment choice in the making if you take advantage. We [in the financial services world and as investors] always need to ask the question “what does the market look like now and what does that mean for [me] the investor”.

The buyer’s reality: when considering whether or not to buy a house for the long term – now IS a good time to buy. Prices are low, financial loan requirements are stricter because of the subprime crash and general housing recession, and so long as you accurately and fairly adjust your income to what you realistically can afford in mortgage costs – now, and probably for the next 4-6 months - is the best time to buy if you’re thinking long term. Certain areas will always be high cost areas regardless of where the general market stands (i.e., areas in California and New York). However, if you wait until next year as many people recommend prices may be up high enough that you just might regret having waited.

Two obvious points you need to ask yourself when considering the purchase of a new home:
What can I afford?
What am I qualified to buy?

For those of you who don't know who I am or what I do - let me be clear I do not work in the mortgage/housing business, etc. But regardless, I do think that we need to stop toiling over the housing crisis and start focusing on the opportunities resultant to it. Scaring people with the notion that any claim supporting a buyers market is yet another way of duping potential consumers into greater debt - is just irresponsible. If you're thinking of buying long-term (8+ years), do the math with your finances and do some research; There are great deals to be had and for the next 4-6 months.