Most of us have choices. We can join with those who seem mired in visions of Doom and Gloom, accepting the “conventional wisdom” that the housing market is sinking, out of control.
Or, you can take action now and put these hard times to work for you and your family. You don’t have to have a lot of money. You don’t even have to be an expert. The tools you need are already at hand in the Urban Rehabber Program.
Those who take this historic opportunity seriously will also be doing some serious wealth building in the months ahead, while others sit on the sidelines waiting for the “troubles” to pass.
“What about my job security?” you might ask? It’s no secret, people are losing their jobs. It is said unemployment may rise to 9%– Well it’s been at 6% for a long time now. So, we’re talking about what? Another 2-3%? (And that’s mostly in manufacturing. Chicago’s is mostly a service based economy.) Do you work in a factory?
On the other hand, take a look at the opportunities this situation offers. (And they will pass. Opportunities never last.) Investors are watching the stock market, ready to pounce on the bargains. Strong companies are buying undervalued assets for 20¢ on the dollar, in a little publicized feeding frenzy.
Here in the Chicago real estate market we have choices and opportunities investors elsewhere don’t have. Our real estate prices are steady and, in some neighborhoods rising. But, as elsewhere, we have our share of foreclosures (a result of lending practices, not skyrocketing prices).
A good time to buy, fix and sell? Maybe not quite yet. But a time to buy, fix and KEEP? You bet. As an investor or as a home owner, there’s a big difference in mortgage payment when the home is costing you 50 or 60¢ on the dollar.
Already own a home or condo? And not a lot of cash? Find a new home that suits you better and rent the condo. You’ll be hundreds of dollars ahead each month. You’ll get “instant equity” the day you move in, and you now own an investment property. That’s wealth building.
And that’s Progress in a time of change. That’s your Reward for making a choice, for choosing to act when others are standing by. #