Time Magazine: Ignore the headlines
The news is bad, worse and worser (not a real word) and the media has been unrelenting in reporting bad news on the housing market and therefore, many buyers are skittish to say the least. But I just noticed an interesting article by Time Magazine and the headline was (surprise), "Ignore the Headlines".
Peter Lynch, famous investor and the former money manager of the Fidelity Magellan Fund says, "ignore the headlines".
Mr. Lynch says, "That's no easy thing. How do you tune out all the chatter and ink on recession, housing, subprime woes, the credit crunch, rogue traders, insolvent bond insurers, $100 oil and nukes in Iran? It's enough to make you sit on your thumbs and wait before making any big moves.”
and he goes on to talk about the stock market and housing. Click here to read, Ignore the Headlines.
There is no doubt that market conditions in the Charleston real estate market are much better than many other areas of the country, certainly not great considering the high inventory levels and unit sales declining. Prices in the Charleston real estate market have been very stable while there are reports of the biggest price declines since the fall of the Roman Empire or the Great Depression, take your choice. Because of today's high inventory levels, you have an opportunity to negotiate a very favorable purchase with the added bonus of borrowing at historically low interest rates.
The point of the article is to not wait for the bad news to be over before buying. Easier said than done but good advice, nonetheless.