I have been surveying good residential property for couple of months now. I have noticed that the prices of high and intermediate value properties are dropping. There are so many factories in Penang and other places are shutting down. Many lost their jobs and unable to pay their loan. In my opinion, lack of new purchases in properties leads to price decline. Warren Buffet shared his ultimate secret – When everyone is greedy, be scared and when everyone is scared, be greedy.
During economic downturn, everyone is scared to invest in any type of businesses or properties. The value of property keeps dropping during this period. I guess, this will be the best time to be greedy. I believe the value will continue to drop for at least few years before hitting up again. If you have any plans to buy property before, now will be the best time. Real estate business is the highest risk as it involves huge money. For many, real estate will be the biggest investment in their life. Be extra careful and very choosy, I’m sure you can find your dream home soon.
I wish to have my own house someday too but in my current condition I can’t even support myself. I’m such a loser.
Don’t feel like that. Try to actively involve in some webmaster forums (Buy/Sell/Trade) section. There are many rich online experts seeking people like us to do some simple work for money. My suggestion is to start with http://forums.digitalpoint.com (My nick is atniz there)
Hi Atniz.
You´re right, it´s happening the same here in Portugal. European central bank also dropped home interest rates, right now they´re very low.
For those who have money, I think it´s a good time to invest in proprieties. When the downturn passes they will see their investment return.
Hppy blogging
I wish I have that much money to invest in properties. The interest rate in Malaysia is still not dropping yet. Hope it will follow the trend.
Yea no better time to buy property than now. But many people are affraid that they can lose their job and they’ll be stuck with new home and a tons of bills with no source of income whatsoever.
It’s true. This is where rich people will get richer.
i already took advantage of the current recession i bought a couple of properties in staten island
Wow.. congratulations on your investments. I wish I could buy one property by end of this year.
i totally agree, it seems that every aspect of the economy is affected by the recent world economic problems. i am also thinking right now to invest on properties in our place, just don’t know how to start yet.
Good luck in your investment strategy. My suggestion is to get some professional advice.
Houses where I live are almost half price. What you can get for very little money is amazing.
That is amazing! You must be very lucky to get it at half price!