Friday, November 07, 2008

Breaking the Cycle

I read other blogs about Real Estate. Mainly, I do so that I can keep up with what is going on in other markets besides Kingman/Golden Valley. That’s right; real estate is local just like Evan Fuchs wrote recently in an article called, Market Panic: A psychological phenomenon.” Which by the way is great!

While it is true the economy globally is behaving erratically, there is almost predictability to it all. An announcement made one day makes the market go up, the hype ends and the market goes back down. Simplistic, but true. The question is why and when will it end. The truth is, it will end. We don’t know when, but it will end. So what about now?

Well, there are some out there taking the plunge. What about those brave few who have purchased homes during the 'economic crisis' --I’ll tell you what—at least locally they have done remarkably well. These brave soles have been able to take advantage of some terrific deals.

Since October 1st to present in Kingman alone:
15 brave soles have bought a 3 bedroom, 2 bath home including a 2 car garage*.

These folks paid from $87,000 to $215,000 for their home. One of these fine folks, with the aid of a realtor, was able to negotiate a price of $59 a square foot for their house.

Evan Fuchs said in his blog:

One of these days some smart people are going to get sick and tired of watching and waiting and swimming against the current. Sometime just this side of exhausting themselves, they will act on the opportunity in this crisis while everyone else is still focusing on the danger.

I say, Congratulations to those of you who took advantage of this market and enjoy your new home.

*For simplicity sake, I asked for data on: 3 bed, 2 bath homes with a 2 car garage (stick built) in Kingman only, closed sales only, Oct 1 through Oct 30th only.

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