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October 12th, 2008 4:23 PM by David W. Welch
The current market reminds me of the story of the exodus in the bible. If you want to read about it check out chapters 13 and 14. The particular part of the story I am referring to is when they get to Canaan, the land of milk and honey, the promised land. When they arrive just outside of their destination, they send 12 spies into the land to survey the situation. When the spies return, 10 say the land will devour them, the people living there now are giants that make the Israelites look like grasshoppers. Two of the the spies Caleb and Joshua reported that the land flowed with milk and honey, and was ready for them to take. In the end, the people listened to the bad report, and it cost an entire generation. They spent the next 40 years wandering in the desert.
Many people have been waiting for prices to come down, they have. Many people have been waiting to find the right house, and the inventory of homes for sale is still at all time highs. All the negative press has many people concerned about taking the next step toward home ownership. The truth is, if people don't start buying homes, the economic slide we are on will continue. Our leaders are doing all they can do with the bailout plans and coordinating efforts around the globe to free up money to lend. If nobody is willing to invest in a home, it does not make any difference what they do. I am not asking anyone to trust me or put their faith in my opinions. I am asking you to consider this question: what is it going to take to get you to buy a home? Prices here in Orlando are down 22.5% compared to a year ago, the interest rate is in the low to mid 6% range, and there are still over 24,000 homes for sale. There are down payment assistance bonds available for first time home buyers that make still allow you to get into your first home for little or no money.
www.DavidWelch.com, Orlando Real Estate Blog