“Why would anyone get into this crazy market right now?” you may be asking. The reasons are very clear and very compelling! As bad as the selling market is, the buying market is that much better. If you live near the largest economic development project in the US then you have the perfect storm. Global Foundries is building a chip fab in Malta, NY in Saratoga County just North of Albany, NY the Capital. The state is pouring in over 1.2 billion dollars in tax breaks and infrastructure and the plant is tooling up now in the beginning of July, 2011. They have already hired over 400 people and expect to be fully staffed to 1400 – 1600 people by early 2013.
So, let’s see if this makes sense…
1. Interest Rates lowest in 40 years! Actually the number is higher, but suffice it to say that this is a once in a lifetime event.
2. Housing Prices NATIONALLY have fallen 33%!! That’s 2% worse than the Great Depression! Remember, Housing Markets are LOCAL!
3. LOCAL housing prices are UP 2% for existing homes and 6% in Saratoga County!
4. LOCAL Unemployment Rate is 7%!!
5. Global just HIRED 200 more Employees and Several Employers are Hiring in This Area!
6. There ARE Still Mortgage Programs at 100% Financing with NO MI!!
If these six things don’t motivate buyers to get into this market then renting is probably an excellent lifetime choice for them. There is nothing wrong with being a tenant, someone has to pay real estate investors for their hard work and risk!
