How to Shine During these Economic Times

Buy During Economic Uncertainty

Has the current real estate market turned you off to the idea of investing in real estate? If so, you should give it a second thought. When it comes to long-term investments, there has never been a better time than now to invest in real estate. Many people have been very successful.

We are in a full-blown real estate recession, but that does not mean that you cannot still make money in real estate. The best way to do so is the old-fashioned way. Purchase a property and hold onto it. Use it as a long-term investment. One reason why this is such a good idea is that homes always rise in value over the long term. This is due to inflation and the rising cost of living.

Real estate investments can also be useful for the short term. You can live in the home yourself or rent it out to others. If you are currently renting yourself, you are throwing your money away. You are paying for someone else to have a long-term investment. You need a roof over your head. You might as well take advantage of all of the benefits that come along with owning real estate. There are many other reasons why buying a home in the current market is attractive. Although, interest rates are still reasonably low right now.

With recent economic events, the real estate is facing restructuring. Pessimists have declared the collapse to buy. People will continue to need housing. The fact is, whatever comes out of the present restructuring of the banking industry is inevitably and going to lead to opportunities for resourceful investors. You will have to be a little more persistent and creative than was the case some time ago.

Before, a good buying market was measured by the numbers sold. Now you will have to approach each potential sale with more planning and care.

As a buyer you may be faced to pay higher interest rates, which is an undeniable downside. Yet, on the other hand, economic turmoil can also bring about unexpected opportunities, such as lower prices in many cases.

In this market, a different mind set is needed, deciding on the best interest rates even if slightly higher can be offset by the a lowered purchase price of a house.

 Having the Right Mindset

To find a good deal today, you must have the right mindset. Whenever there is bad economic news, many people automatically go into a passive or retreat mode. This can provide opportunities to those willing to forge ahead and search for possibilities. Keeping your eyes and mind open, you can find the right buys at any time.

I believe the current market condition we are experiencing will only serve to magnify each person's current mindset. Times of higher stress like this will clearly identify and serve to separate the pack.

 Get out there and shine 

When we feel fear we contract. That means we close off to possibility and opportunity. Right now we see so much fear as people talk about the recession and the media goes wild with its panic-inducing coverage that people are closing themselves off to what could be possible. For instance, the minute someone declares that the economy is in tough times, people start milling around and shifting their conversations to what they can't do. I can't go on vacation. I can't afford gas. I can't afford to hire you right now. I can't afford to invest in myself until I have the money. I can't, I can't I can't. Well, what you focus on expands.

 It can be hard to shift your thinking when the rest of the world is running around like chickens and screaming, "The Sky is falling". Do we simply whip ourselves into a frenzy?

 This is counter productive, but now is the time to increase your marketing skills; hard economic times will cause your competition to disappear, leaving the field wide open for you. So the answer to the question "Is there such thing as recession proof?" is a resounding Yes, but only if you first shift your mindset, learn how to ride the waves of opportunity hidden within the current circumstances, and adjust your own financial life based on the circumstances you can control. Don't wait shift your mindset.

Joann Visaretis

Joann Visaretis

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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