History has taught us, that one person’s loss is another’s gain. It is a sad fact of life that somebody profits from someone else’s demise. This happens all the time and this has happened several times on a large scale. The Great Depression of 1929 and a recession in the 1980’s, are two examples in history that we can learn from.
In the 1980’s farmland hit a record high, then the bottom fell out of land prices. Trying to remember things that happened 20 years ago and getting all the facts right is a little difficult. The figures I use may be slightly off, but the point will remain the same. Farmland got has high as $3400.00 per acre and then the bottom dropped out to $900.00 per acre. The foreclosure rate on farms was worse than that of the current housing crisis. Land got purchased by those that could afford to pay $900.00/acre. Those that purchased at its low, held on to it, until the price came back. It did not happen overnight, in fact it took nearly ten years for prices to re-coupe. When the roller coaster stopped, the high was $3800.00/acre. Those that had the money to spend and the patience to ride out the storm, profited.
Is there any profit to be made from the recent real estate slump? The answer is clearly yes. Now for the hard part. When do you buy? Buy now, if you have the money to do so. If you have more money then you know what to due with, wait. I say this only to the very rich, you will still be able buy plenty before properties increase in price to much. If you want to invest or buy a home, do it now. The prices of houses may continue to drop, can you afford to take that gamble. Those that act first will get the best houses. Those that wait will get what’s left.
I have bought several things over the years and this is the best advice I can give you. I played the waiting game before and sometimes that thing you desire to acquire can disappear, while you try to save a dollar. If you want it, buy it, before it’s gone. I learned my lesson the hard way. Take my advise and don’t worry if you got the best deal. Get the best deal you can get and live with the results.