Wow. I haven’t posted in forever, not that I’m a prolific blogger to start with. But let’s recap, shall we?
When last I wrote summer was ending. Since then New Orleans experienced it’s first post-K full scale evacuation courtesy Gustav. We chose to hunker down. Weeks after that, realty paused. Just as all were getting their bearings the lending industry lost its footing. Then the world markets began spinning hither and yon. Oh! And there was a presidential election. And, one last exhale: the holidays. Somewhere in there, we welcomed our 3rd daughter, easily the most important piece to 08. And now here we are in 09, financial bruises and all.
What can we expect this year realty-wise?
Firstly, money will be made. Do not mistake a recession for a time to see only doom and gloom. There are those profiteering now and for the long haul. Part of it is diversification but mostly I’d say it’s hustle. If you don’t hustle, you don’t eat. Even when times are good, those that don’t hustle only eat because those that do hustle aren’t organized enough to net all their efforts, so you have the sideliners picking up their tossaways. In realty that happens very often in the “I don’t do leases, take this client” type agents. I’ve gotten some great business from agents handing me their clients not because of geography but because leases aren’t worth their time supposedly. Pssst! (whisper) People that rent will one day buy.
Secondly, lenders are lending. Granted qualifications are more restrictive. But if you want credit it’s out there to be had. Put that together with the inventory of pre and post foreclosure properties, and that spells opportunity. Or yes, you can buy retail too. Goodness knows there is no lack of $200+ sq ft homes selling for list and above in the Uptown and surrounding areas. Desirability is still dictated by location, less so condition. Almost everything can be fixed, right?
Lastly, values are stable. Period. If you buy now, you likely won’t lose money if you are in it for at least 3-5 years. Let’s be clear. Flipping can be done but again inventory is such that you really want to hold onto whatever it is you are investing in, whether it be a home, second home, or business.
Stable values, the ability to attain a mortgage, and yes, hustle will make 2009 happen. Ready to take part?
