I think I started blogging at a very interesting time. We are seeing some developments in our countries' financial markets that are history making – unfortunately not the kind of history that will be fondly remembered. Markets are in turmoil, financial institutions are going under or are being bought out, and speculation is rampant on which company will be the next to fail. In the middle of all this we were visited by Hurricane Ike! I guess this will be a September to remember.
I think it's time to take a deep breath and step back from all the hysteria. These problems are significant but the financial markets and the government will figure things out. There will be some continued adjustment and restructuring but at the end of the day our financial institutions will survive and some good will come of all this. In the meantime we will go to the grocery store and buy some milk and bread, which will send our economy on the road to recovery. This may sound a little simplistic, but in the end that is how things work. I buy the bread the baker makes and he purchases wheat from the farmer who buys equipment to operate his farm from manufacturers who convert raw materials into goods by the application of labor . . . well you get the idea. The economy is all interrelated and sooner or later everyone needs to eat - do the things of daily living. These things don't stop and this crisis will pass because we go on living and that will fuel the recovery.
When all this bad news is swirling around like Hurricane Ike it's hard to recognize that when the storm passes, the sun will shine. In fact the sun is already starting to shine. There are some really great opportunities out there, like interest rates dropping to the 5.5% range for a 30 year fixed loan and home prices dropping to levels that make buying even more attractive. We've not seen deals like this for quite a while. I invite you to take advantage of these opportunities. Years from now you'll look like a genius. Your friends and even your kids will be impressed.
Thanks for helping me better serve our Real Estate Community.