This is from a blog post I wrote here back in August of 2007. It was the beginning if a home buyers market that would last a few years. It was just before the housing market crashed and before we knew there would be a great recession.
There are some things about that time that I don’t think we should never forget. One of them is that home prices can go down. We have proof. Many people are one job or a few paychecks away from financial calamity. Many of us were hurt by the great recession. For some the recession and housing market crash changed their lives forever.
Here is what I wrote on August 22, 2007:
“Sellers says: I want my home sold as quickly as possible.
Buyers say: We are in no hurry.
Seller says: I need $$$$$$ for my home.
Buyers say: The homes are all over priced.
Seller says: My home has been on the market for awhile now, people are looking at it, why isn’t any one buying it?
Buyers say: Maybe we should wait until spring. We just don’t know what to do.”
I think we could all feel the market shift back in August of 07 but we had no idea about what was to come. It is probably always a good time to pay down debt and save up a little money.