Leiter Realty Group Knowledge Center

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I’m confused. CNBC says the following:

“New U.S. housing starts and permits unexpectedly fell to record lows in April, denting hopes that stability in the housing market was imminent.”

Isn’t it good that there isn’t a bunch of new houses and condos being built to add to the oversupply?

I’m not an economics major, although I’ve been around long enough and I’m working 6 days a week and I see what is going on, but isn’t less supply a good thing in a market with over supply?

Once again, the talking heads have summed it all up brilliantly and misled the public.

People, come to your own conclusion. To me, unexpectedly lower housing starts and permits is a sign that things are going to stabilize, not the other way around.

As I’ve said before, they won’t announce the bottom on TV. You have to look for clues of what’s happening and draw your own conclusions.

For example, we were slow all winter but in the last 2 weeks, we made 5 deals on our apartments for sale, rented 4 apartments, and have rented 2 stores.

So what does that tell me? People are coming out and buying and renting. Duh!

So while you are waiting for the ultimate deal, look around, it might already be in front of you.

Let me know what YOU think about all this. Also, since the stock market has rallied off the lows, we have noticed more action. Is it correlated? Does the stock market effect the psychology of buyers? I think so. What do you think?

1. You can’t time the market

Everyone loves to argue about this one but it’s simply the truth. Sorry.

Let me ask you a question:

How many people do you know who sold their home at the top of the market?

How many people do you know who sold their stocks in October 2007 at the top before they fell 50% in value?

Maybe you know a couple of people and maybe you did yourself, but most people didn’t.

So if no one could really call the top, what makes you think you are going to be able to call the bottom?

In fact, from my experience, when everyone thinks it is going lower, or higher for that
matter, they are probably wrong.

And right now, what is everyone saying? What is everyone waiting for?

That’s right. They are all waiting for the market to go lower.

So don’t be one of those people who sits around reminiscing “remember when the prices
were low in 2009? I wish I had bought then. IF ONLY I had bought then, how great things would have been!”

2. Rates are at historic lows
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Whether you like him or not, Trump knows a thing or two about opportunities in real estate so we have to at least listen to what he says. Here is what he said today on CNBC:

It’s one of the best times to buy real estate, Donald Trump, chairman and president of the Trump Organization, said in an interview with CNBC.

“It’s an amazing time to buy,” Trump said. “This is the best time I’ve ever seen to buy both real estate and probably other things. This is one of the great opportunities.”
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