Is this the Perfect Storm?

Or is it the Calm Before the Storm?

This could very well be the best time to buy in 20 years. It could also be the worst. It's tough to know isn't it? The talking heads all clamor for the headlines, and the more dramatic the better. Depression, poverty, war, economic meltdown, credit crunch and armageddon. Seeing through the BS is sometimes hard, and the more you read the news, the more paranoid and scared you'll be. But in my experience, the news is more entertainment than reality (Ask a journalist to explain the credit crunch...heck, ask an economist for that matter!). All I can do is try to make it work for me and my clients within the present circumstances. And real estate being a long term investment, it tends to stretch my viewpoint. So what am I doing? What are my clients doing?

Here are some reasons why people just like you are buying right now:

• Because of the lowest interest rates in 5 years. And only getting lower...
• Highest rental prices ever.
• Because of a 0.2% vacancy rate in Downtown Vancouver. Finding good tenants has never been easier. And it's only going to get tougher to find a rental in this city as more people rent than buy.
• Highly Motivated sellers. If they're selling in this market, you can assume they need to sell. Asking price is irrelevant. Write offers at ridiculously low prices and something will stick.
• Because of falling prices. Price it in to your offer. Get the discount NOW, and watch the market catch up. If it doesn't, put that built in equity into your pocket.
• Because of the holidays! Even motivated buyers take Christmas off, but the sellers sure don't! Fewer buyers=less competition for you.
• Because it's still very easy to get a loan. If these rules change, you'll be saving for your down-payment until you're blue in the face. Just ask an American.
• Because of cash flow positive properties. If you're making money every month from a property, how long can you wait until the market turns around?
• Because your broke uncle who lives in the basement thinks it's better to wait. Being a contrarion is sometimes the best strategy.
• Because Real Estate is better than stocks. Hands down. Yes, you heard me stockbrokers. Bring it on.

Buy when everyone else is selling, and sell when everyone else is buying. That's how you win in real estate. Some people see the opportunity, some people don't. Keep in mind that once everyone agrees, it's too late to get that sweet deal. This could be the best time to buy in your lifetime, or it's just the beginning of the end of the world. Personally, I think everyone's overreacting, but hey, that's just my take. Call me an optimist.

In one of the best buyer markets in 10 years it pays to work with some of Vancouver's most prolific Buyer Specialists, call the Harris Real Estate Group to get going.

Thanks for reading and all the best to you and yours in the New Year!

D'Arcy Harris
The Harris Real Estate Group
SUTTON Westcoast Realty
- We are in the Top 10% of All Realtors in the Lower Mainland -
t 604 771 1637 f 604 488 0885
www.TheHarrisRealEstateGroup.com

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