2008, A Buyer’s Golden Opportunity
By Kyle Homan
Wells Fargo Home Mortgage

If one listened to the media in 2007, they would tend to believe it would be plain foolish to buy a home in America.  Home inventories are up, prices are declining, the credit world is in turmoil.  So repeats many of the headlines we’ve read and heard all last year.

What if the weatherman announced that today’s weather forecast is cloudy, with a chance of rain of 50%, and temperatures will reach a high of 50?  And furthermore, this is the same forecast in Miami as it is in Chicago.  Would we buy that?

Of course, the answer is no.  The Southeast region (Miami) is much different than the Midwest part of our country (Chicago).  We may believe that Miami will have the cloudy, chance of rain forecast, but the temperature may reach the 70’s, whereas Chicago would have cloudy, chance of snow, and high of 25.  That sounds more real.

This same comparison holds true in my mind for the Shenandoah Valley when it comes to real estate.  We are a strong and resilient economy.  According to a press release dated October 9, 2007 by the Winchester Frederick County EDC, our area is expected to maintain above average growth for the remainder of 2007 and into 2008.  Job growth for the 12 month period ending June 2007 was the best in the state.  With jobs being created by the impending FBI and Department of Homeland Security presence, people will need homes.

When it comes to real estate, think local, not national.  We live in an area were growth, employment, and housing are good.  Talk to a local real estate professional, they’ll tell you the same thing.  Interest rates remain at historic lows, available loan programs for all needs still exist.  Never owned a home before?  I can’t think of a better time to become a home owner.  Many houses are available to select, sellers are motivated.  I can name many reasons why homeownership has many financial and personal benefits.

So when you head out the door tomorrow, I’m sure you’ll turn the local radio or television station on to get a weather forecast to dress appropriately, which probably will include a heavy coat.  Use the same approach with real estate, and don’t let the opportunity to buy now pass you by.

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