Should You Buy a Home During A Recession?

According to an article from U.S. News & World Report, now is the right time to watch closely for good buys because of historically strong gains at the tail end of a recession. The article featured an interview with John Canally, an investment strategist. 

According to John, “On average, you miss a 25 percent uptick by waiting for the end of a recession," he says. "There's definitely a penalty for looking in the rearview mirror. You can't wait until home prices bottom, the recession ends, and the Fed chairman sounds the all clear." 

Our panelists agreed.  Insight on Coaching guest William Patterson shared that when it comes to the real estate market, there are a number of great opportunities out there for those who have saved sufficient assets.

It made me realize for those of us who wonder how some of our family, friends, colleagues, and others can afford to own multiple properties and make money off of them – the answer is a little clearer.  Many of them save, save, and save some more, and then snatch up good deals from a full inventory of homes, office buildings, and other property that become available during uncertain times.

William added for people who are able to build teams and syndicates to go after properties, they're able to get these properties at anywhere from twenty to forty percent below market value.

For our financial coaches and experts out there:

• Is our current economy a perfect time to build wealth?
• How can potential buyers overcome challenges and hurdles resulting from the credit crisis to get loans to acquire new properties?
• As a coach, how would you guide someone through a decision to buy a new home or property during this recession?

Tom Floyd
CEO
IEC: Insight Educational Consulting
Specializing in Management Consulting, Change Management, Workforce Performance, and Employee Development

Coaching for Financial Success in a Recession




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