When blood is running in the streets...

...that is when to buy!

Here is a blog from a fellow Active Rain-er from South Carolina. She says that if you are in the position to, that now is the time to invest in this real estate market and make a pretty penny doing so.

"BUY REAL ESTATE NOW!!! By: Mirela Monte, Your Myrtle Beach Connection"

'Burger King did it, and so did many others. It seems like a good strategy: watch what the big boys are doing and just copy them to ensure success.

Just what are the big boys doing right now? I don't know about your clients, but my investors are gobbling up properties like they are going out of style.

I know that my market is different; I mean, God does not create any more Beach, but I think this investor MO applies across the board. Here is the point of view of one of our biggest players, R. Donohue Peebles, the head of the Peebles Corporation, a Coral Gables, FL based real estate investment and development firm with a $4 billion portfolio. His latest book is "The Peebles Path to Real Estate Wealth: "How to Make Money in Any Market" (John Wiley & Sons: 2008). This interview was featured on the first page of the Real Estate section of the Wall Street Journal today. To read the entire article, please go to: http://online.wsj.com/article/SB122183189764556723.html

Q: How will the financial upheavals of the past week affect the market? Does it still make sense for the average investor to buy residential real estate?

A: It's a tremendous buying opportunity. Unless you need liquidity, real estate is the best long-term investment. I like the great leverage it gives you. You can live in it. And at some price, you can always rent it out.

Q: Under the current scenario, should you liquidate stocks to invest in real estate?

A: I have no money in the stock market. It's too volatile, and it hasn't had a leveling. If you have patient money, real estate gives you the ability to ride out bad times.

Q: How long do you think the current downturn in real estate will last?

A: I think it will bottom out in 2009 or 2010. There will be more job losses and increased inventory that will further depress home prices.

Q: What's the best way to negotiate a price?

A: Start out 10% to 15% below what you want to pay. That way, you'll be able to negotiate for two or three rounds without going over your limit. Don't let your emotions rule you. If you don't have a deal, walk away.

Q: What's the best way to ensure that you don't overpay?

A: You've got to look at what's selling, what other [properties] have listed for, who are the sellers. For instance, in Las Vegas, the sales volume is up, but they are short sales and foreclosures, so you know sellers will make a deal...[in general] if you can buy at what the price was in 2001 or 2002, that's a safe place to be.

Q: What's the biggest mistake buyers can make in this market?

A: Becoming too focused on being victims, rather than being opportunistic. There will be a lot of people making a lot of money during this downturn. You need to think: Why not me?'

If it makes sense to you and your financial situation, why not invest in your future? Home prices are the lowest they've been in years, across the country. We can all agree that the market will shift back up, eventually. These prices won't last long when that shift does happen. The minute sellers don't have to pay sellers concessions- believe me, they won't! Take advantage of the situation we are in today. The housing market has seen its share of blood, recently, and now is the time to take advantage!

If buying or selling now is not an option for you- now is still the time to put yourself into a good position for later. I've said it before, home-ownership doesn't make sense for everyone if they are not financially ready for it. If you don't have strong footing financially, then use this time to improve your own financial position and get ready for the day when you will be ready for home-ownership!

Some key advice for my readers during these often turbulent times; 1.) BUY NOW, 2.) if you can't then prepare to accomplish that goal in the future, and 3.) Don't panic- I'm in the market everyday, touring, searching the MLS, and reading all the financial news articles. When I see great values for my customers- I let them know!