According to a MarketWatch article, wealthy Americans see the sluggish economy as a great opportunity to purchase real estate. The full article, Sunny Side of the Street, is well worth a read. Some highlights:
- 77% of wealthy (defined as people earning more than $500,000/year in discretionary income) think real estate presents a buying opportunity right now. Yes, you can finally find a “deal”!
- 40% of those people are expected to purchase real estate in 2008.
- 41% of the wealthy think owning a second home is a “requirement” for people of their economic means
- The number of millionaires is expected to increase by 6% this year
I think those surveyed are wealthy and wise. Even in Marin, you can actually find “a deal”. I know buyers who have been looking for “a deal” for years. What are you waiting for now?