If you’re a homeowner, what do falling prices mean to you?  You might assume that it’s a bad time to sell.  But guess what?  It could mean it’s the perfect time to buy the home of your dreams!

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by George Ratiu, NAR Research

Last month in this column we looked at how the financial crisis on Wall Street and a slowing economy have been affecting the office and industrial sectors of commercial real estate. This month we examine the impacts on retail and multi-family properties.

Retail Sector
Over the last few years, healthy job growth and a steadily, albeit slower, expanding economy spurred demand for office and industrial space. Consumer spending was strong, fueled by credit availability. Consumer spending accounts for 70 percent of economic activity and has been the main driver of economic growth over the past few years. But as employment turned negative at the beginning of this year, and as credit availability dried up due to the financial crisis that emerged, consumer spending has slowed considerably. In addition, rising prices for most consumer goods, due primarily to increased fuel costs, have also curtailed consumer spending. These factors have rippled through the retail sector of the commercial real estate market.

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You’ve been reading negative stories about the housing market, and while some are experiencing a slowdown, it’s still no reason to keep you from pursuing the American Dream. 

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Rising real estate inventories are presenting buyers with more options and sellers with more competition.  In the center of it all, you’ll find the guidance and expertise of real estate agents and brokers.  If you price a home reasonably, buyers will buy.  If buyers make a reasonable offer, sellers will sell.  It really is that simple.

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While the pundits determine whether the real estate market is plunging or recovering, buyers are in the unique position of looking at a glass that is half full, not half empty.  When sales are slow, that’s actually a good thing for qualified buyers, and there has not been a better time to consider finally purchasing that vacation home.

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