Buying Homes in a Down Market
Buying in a Property in a Volatile Market is a tricky proposition. Sellers are keen to get the highest prices and buyers the opposite. Everyone can see that Homes are depreciating but no one knows where the bottom of the market will be.
To a certain extent this will depend on the level of inflation created by the government’s propping up of the banking system. No one knows the true extent of the banking losses that will be incurred when the commercial real estate market collapses in 2009 as it is certain to do and exactky what the government repsonse will be. If any.
For those with Homes for sale, one option is to use a free listing site to sell your property without incurring charges. This allows one to reduce the price by not paying an agents commision. This can amount to a substantial reduction. There are already many FSBO sites.
If you are interested in buying luxury property, other options also present them selves. Many luxury only sites now exist. True luxury is hard to define, but if one wanted an Omega Seamaster Watch for example, this might be considered true luxury. Not everyone would agree, but this is true of everything and one man’s luxury is another’s necessity.
In the meantime, luxury goods purveyors are suffering from the global downturn with the rest of us and will have to wait and see how far the crash takes us and how indebted the governments are prepared to make us all.
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