Apr. 9, 2009 - A Moment In the Life of a Guy With a Nametag

As many of you know, I walk around wearing a 4" x 6" red nametag that says 'Ask Me About Real Estate!'. This is a lot of fun, because a day doesn't go by that at least 2 people stop and ask me about real estate, and I get to have a lot of interesting conversations with people that I wouldn't otherwise have had.

I was at the cash at Tim's this morning and the cashier said "got any foreclosures?" Yes, I replied, there are a few around, but not many. " Are they cheap?", she asked. Yes, I said, but they are not steals. However, prices are down about 12% over 9 months ago, so there are lots of great deals out there, if a deal is what you're looking for. What she said next saddened me, because it shows how much faith people put in the information they get from co-workers and the media. She said "Well, Chris, we ain't even started seeing the bad stuff happen yet - you can take it to the bank that prices will be down 50% in 6 months from now!" What makes you think that?, I asked. She went on to talk about a bunch of things like pending unemployment, bad mortgage rates, etc.

For my detailed response to this, watch the video embedded below . . .