Conquering Fear
Fear is a 4-letter word in this country. Especially with the Economic Downturn and the Housing Slump of the past few years, it’s something the seems to creep into even the most confident person’s mind.
If you’re thinking about buying your first house, or maybe getting out of your rental apartment and take advantage of this buyers market, then Fear is something you’ll probably face more than once. And that’s natural.
I’m not in the business of bashing the mainstream media like some other political or entertainment stars like to nowadays, but I will concede that a lot of “News” seems to be about how bad things are in our world today. It’s sad when you think about all the advantages we have in America and all the great things our generation has been given, yet some people only focus on the fact that we’re not 100% what we may have been a couple of short years ago.
How does this all relate to Real Estate??
Well, since the housing market boomed and busted in the past decade we’ve heard from many different sources that “The Housing Market is Bad“. What do they really mean though? They’re talking about the housing market for people who bought incorrectly or refinanced more than they should have. It also may include people who used their home as an ATM machine to buy a car, a boat, or a new wardrobe.
When you here that the Housing Market is Bad, they are only talking to this group of people, and NOT new buyers coming into the market. So while they are trying to sell Fear to the masses, if you’re a Minnesota first time home buyer, or any new home owner, don’t be fooled into the Fear!
Think of Real Estate Prices as a graph which keeps steadily going up in a “positive” direction. Sure, it might dip back down to the “negative” direction every now and then for a bit, but on the whole it only goes up and up and up.
If you bought in 2004 or 2005 you probably paid too much for your home. If you waited to buy or just recently got into a position to buy your first home and aren’t sure if it’s a wise financial decision to get in the market right now then ask yourself these questions:
- If you compared 1994 prices to 2009 prices which would be higher?? (2009 would be correct)
- If you compared 2009 prices to *probable* 2024 prices which would be higher? (2024 should be correct)
Now, having answered both of those questions you tell me when the right time to buy is.
I’m waiting….
I hope you picked the right answer. The correct response would be: Sooner rather than Later, unless you want to pay more for a house in the future.
There are so many benefits to owning a home such as tax write-offs, appreciation, and joy-of-use. And to add to those timeless benefits there are so many incentives to buying in 2009. Between the $8,000 First Time Home Buyer Tax Credit to the low interest rates on a loan, I wish I had bought my first house this year!
If you’re in a mental position to purchase a property or want to learn more about what if will take financially don’t put it off. Real Estate Markets can turn around quickly in the local area so make sure you have the facts by attending a Free First Time Buyer Class or get Pre-Approved for a Loan and meet with a Realtor to start a good relationship.
Once you get over the Fear of the market you will see what an AMAZING buying opportunity you have at your finger tips.
I wish you the best and please don’t hesitate to comment, email, or call with questions.
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