By Alfonso Munoz, Mentor in the Houston Office
There is a lot of talk still in the news today about the ailing housing market and the continuing rise of foreclosures both here in Texas and across the country.
Unemployment is up, the housing market is down, the future is uncertain, we’re mired in a global recession; the news continues to get worse.
So is this really a good time to invest in real estate? Or is it wise to sit on the sidelines and wait to see how things play out?
If you dig a little deeper than the national media stories, then you may find a slightly different story. It turns out that this is a great time to invest in real estate, and for those of us living in Texas, the circumstances are especially favorable. There are several reasons why this is true. So while all the sensationalistic news outlets continue to focus on the doom and gloom let’s take a look at the other side of the coin.
Why is this a good time to invest in real estate?
In short, because real estate is on sale.
Due to the large number of foreclosures all over the country, the real estate market is like a giant clearance sale. It’s like buying a sweater in May, or shorts in December.
Today you can buy a house cheaper than you could have bought just a year ago, and in many cases you can buy a house for less than the cost of building a new home.