Remember The Real Estate Market In 2010? What a GREAT year!
As a boy growing up in Southern California, I remember my parents and their friends talking about major events in their lives. Many of them were baseball games that went into extra innings or big fish they caught. They also talked about business and investments.
One thing that sticks out in my mind is the fact that most of my parents' wealthy friends made their money in real estate related endeavors.
"Remember the real estate market in 1959? I bought that apartment building. What a bargain! I have made a mint on those apartments! Imagine if we had those prices now."
"What about when I bought that big house in 1964? That was a steal! If I had more money, I would have bought 5 of them!"
They would laugh and tell stories about the deals where they made a bunch of money. The early 60's were a great time for real estate owners and investors in California. They told stories of their investing prowess but the reality is that they couldn't miss during those years.
Fast forward to the year 2020. What will the new generation armchair historians being saying about 2010? I predict that it will go something like this:
"Remember 2010? What a great year for real estate! The interest rates were low. The prices were low. There was a huge inventory of homes out there! How could you miss?"
So, sit back, close your eyes, and imagine that the year is 2020. What will you be saying about 2010?
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What a terrific post - again! It's a unique twist - something I haven't thought of before but very true!
As Liz said, a great twist!
Great way to put it Mark. There will be fortunes made over the next year.
You are so right! I would love to get that thru to some of my buyers on the fence! And I wish I had a stack of cash to invest right now! Kathy
I just read this on Liz Moras' re-blog of it. So I'll just tell you mostly the same thing I said on her re-blog ;-) ...
I love it! I said in the end of December that I could feel renewed hope for the upcoming year. The only thing that can cause things to NOT change, is if people refuse to hold onto hope, and not stay focused on what they need to do, to bring about the change we all so desperately need! Your post is motivational without trying to be. It's perfect, in that it initiates a re-focusing. Thanks!
Hey Mark,
You are soooo right, today's market is truly an opportunity for many. Lowest prices and interest rates we've seen in years, it's a perfect combination in many ways.
I made a somewhat recent purchase myself at a price that was paid (by the former owner) in the early 2000's, it works for me.
I know my investors will be the ones with those stories and I hope I'm around the table with them when they are talking about them. Because I hope to have bought a few myself!
Very clever, Mark, and I am sure, so true.