You hear it in the morning news shows, on the cable networks, and in local news papers. Screaming so called investment professionals saying the housing bubble is bursting.
As a real estate professional, I am regularly asked how I am doing with the market so far down. My answer is, “what are you talking about”? I have been working with buyers and sellers the same now as BB (Before the Bubble). I would like to take this time to say that there is no bubble in real estate. The bubble was coined for the dot com industry that exploded when the paper stock could not be sustained. Real estate buying and selling is the life blood of the United States of America; it has always run the economy and always will.
Boise and Southwest Idaho, just like other parts of the country have started into a correction in a market that was un-sustainable. If you look at real estate in the long term, we are on a swing in the direction of catch up. When you read in our local newspaper that real estate is taking a dive, you must look at the complete picture.
Most folks that have become interested in real estate either as a primary residential buyer, investor or for any other reason do not remember buying a house in the 70’s 80’s or even the 90’s. Most of the news reporters were either not born or were in grade school when their parents bought homes. Your parents bought home’s for sales prices of $29,000 and paid 12% interest and up.
What does a correction in the market mean? It allows buyers the American Dream, to own a home. Now is the perfect time to buy. Interest rates are still at an all time low, incentives to purchase are vast. The correction also means that some real estate professionals, loan officers and other related industries will not be in business next year. Why? Because they listened to the screamers on TV and print news and thought we were a dot com. But we aren’t are we! We deal with human beings that need to know the truth in buying.
What happened with real estate investors? Well, they were never investors. A true investor is a well educated and intellectual individual that has studied the real estate market and is in it for the long haul. Many off-shuts of the so called boom, was the group I call the flippers. No these are not fish, but individuals that tried to cash in on the “craze”. Are they around now? No! They were listening to the morning news shows and print newspapers.
Boise Idaho is a hot market that families from other parts of the nation want to live. We are going to continue to be that hot market. I am proud of our Home, and will continue to provide trustworthy guidance to my clients.