State of the Market

As I type this, my second blog, I wonder how many people are in a similar position to myself, not in regards to the blog of course, but still trying to work out not only where the majority of last year and the first month and a half of this year went, but also how on earth things in the real estate game changed so dramatically, so quickly.  As turbulent a journey 2008 has been for the real estate industry, I do believe that as a whole, realtors have headed into 2009 with optimism and the strength needed to grow the industry back to where we’ve been. There was recently a time when real estate was considered an easy career choice for many, and it’s true that in any industry it is easier to be successful in a boom. The recent economic slowdown is in many ways a good thing for those people on the property market – natural selection is now coming into play and it is the true professionals who are remaining strong and committed, and those are exactly the type of people you want to deal with when buying or selling a property.  

In particular, if you have money to buy, now is a great time to be doing so. I believe we may still be yet to see the market reach its lowest point before beginning the steady climb back. This first quarter is going to provide some great investment opportunities nationally as the market continues to feel the effects of the current economic volatility.  Across the nation there have been an increasing number of properties coming onto the market, and many of these look to be true bargains for the astute buyer. The ongoing rate cuts we are experiencing as well as the government’s First Home Buyer initiatives introduced late last year has resulted in an increasing pool of first-time buyers. In the industry we have already started to see the effects of this. Buyer confidence in all areas of the market is slowly being restored, and I am positive that we will continue to see smart investors returning in these early stages of 2009.

Posted by Paul Mylott on 19/02/2009 at 8:03 AM | Categories:

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