Hard week? Hard market? Rough eh? Well, consider these eight things and spread the good news while you’re at it:
Fact #1: Some six million Americans are expected to buy a home this year. Six million people in the game make up a pretty big game.
Fact #2: There is still over $23 trillion of value in u.s. housing stock. Home ownership continues to be the basis of our wealth in this country.
Fact #3: The housing market cannot help but grow. Our country’s tremendous wealth, liquidity, and entrepreneurship will continue to drive our economy. 70-100 million people will be added to our market in the next 40 years.
Fact #4: Real estate is cyclical. The biggest fear in good times is that the fair weather won’t last forever—because it doesn’t. But the reality of a cyclical real estate market also provides its brightest hope in bad times—foul weather won’t last forever either.
Fact #5: 2008 is the best year to buy a home in 35 years. 1973 was the last time mortgage rates were this low in a buyer’s market.
Fact #6: First-time buyers have a real advantage in today’s market. First-time buyers can buy at a reduced price without having to sell at one too.
Fact #7: First-time buyers lose money while they wait on the sidelines. First, renters typically pay more state and federal income taxes than homeowners with a mortgage deduction.
Fact #8: Homes sell when they’re priced right and show well. Buyers are looking for value in today’s market. When sellers make their home’s value obvious, they make a sale—it’s as simple as that.
This is an abridged version of the Power Tools newsletter sent to my referral partners.