Real Estate with Jim Quist

This wonderful software system informs me it has been 154 days since my last post.  Let me apologize for the "vacation" in between.

I'm at a point in my life where the health of my parents becomes a critical issue and it did just that back in May. We've reached a stabilizing point and of course that means you'll have to begin wading through my thoughts on real estate once more.

The topic is, "Why Buy Now"?

A fellow Realtor, Paul Baker of Prudential Commonwealth Realty in Lexington, Virginia, joined me recently on my monthly radio program to discuss what appears to be a major slump in the real estate market.

Paul, who has twenty five years of experience under his belt, conveyed his thoughts on downturns and how they may affect sellers and buyers. After a quick review of the statistical data that I find so comforting in the appraisal field (Specifically from the Rockbridge MLS-Virginia) both of us wondered aloud why wouldn't anyone be negotiating for their next home? Prices are good....very flexible too, the selection is broader and interest rates, though a bit higher than a few years ago, are still under 7% for most credit worthy buyers. Paul noted that certainly beats the 13-20+% rates found under the presidency of George H.W. Bush.

Yes, we all agree that the market is soft and even dangerously so in some areas of the country. However, one snapshot, i.e., Detroit, certainly doesn't apply to the thousands of communities in which the market is still relatively firm. If we listened to those who bemoan the "poor returns in real estate" without doing a bit of a background check then we do ourselves a disservice.

First - who's saying...."returns"? Sounds like people in the money markets speaking to me. Now would you listen to my advice about money markets or would you be more inclined to believe I have some assemblance of knowledge about real estate? Second - has the media, who by the way have given a ton of time to these experts on real estate, given equal time to experts in real estate? Hmmmm. I'll ponder no more.

A wise man does not put his eggs in one basket. If you have money to invest or if you are just looking for that first home then you will find the best deals at the best rates NOW. Guess what happens if you wait it out? You'll be looking back wondering why you weren't the smart guy who took advantage of "the perfect storm".

Remember, just like stocks an investment in real estate is meant to provide return over the long haul. Looking for the quick kill in either area may assist you to the poor house very quickly.

Use your head and contact a Realtor today about purchasing your next investment for the future.  And if you happen to live in the Lexington, Virginia area then be sure to contact Paul Baker.

My thanks again to Paul for being my guest and for spreading his name around.....perhaps a good reason to respond quickly to an invitation by a fellow Realtor to be on the radio...and in his blog...don't you think?

Jim Quist is a real estate appraiser, consultant and commercial property agent with over a decade of experience.  In addition to founding his own appraisal company he also works with a Prudential brokerage and is a partner in a multimedia company. He is a past president of the local Realtors Association and has been and is involved with the local and state associations of Realtors. He has a monthly radio talk show guest speaking on real estate topics.