Recession Shopping

Monday, January 05, 2009 -

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There Ought To Be A Law

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Recession Shopping

Recession Shopping
Strange title, I know. So, it is pretty obvious at this point that we are in the midst of a recession. I see ads for trucks that were $30,000 dollars a couple of years ago and are now going for about half that price, new.
The manufacturers and retailers are upset because this could be the worst holiday shopping season in years. But, the way that I see it, is if you�re still employed and making decent money this could become the shopping opportunity of the decade.
Everything will be on sale as the retailers try to clear out their merchandise. Need a big screen TV? The prices are getting pretty attractive. Need a new car, nows a great time to buy. The only condition to this is that it�s hard to get loans. If you have cash, you�re going to clean up.
Even the price of houses has crashed in many areas. If you�ve got stable employment, I see it as pretty close to the time to buy.

What are your thoughts?

Replies

11/14/2008 1:51:00 PM From: eddo A friend of mine just got a 2500 square foot, 4 bedroom home on a 10,000 sq ft lot for 120,000. It was a foreclosed home that had just had new carpeting, new kitchen appliances, and some other stuff done to it. She and her hubby made out like bandits.


11/14/2008 1:57:38 PM From: wildbob That's what I'm talking about.


11/14/2008 2:02:31 PM From: mercury Found a house built in 2005, 3200 sq feet, 5 BR, 3 baths in a very nice suburban Detroit neighborhood for $127,900 yesterday... I'm not seeing the prices come down here yet. There's a lot of foreclosures available, but the prices are still up there.


11/14/2008 2:03:58 PM From: Ali We're still experiencing an oil boom, so houses up here have increased in price so now isn't a good time for me to shop for an upgrade. I should really get into the house flipping business. I would absolutely love it.


11/14/2008 2:07:39 PM From: mercury also found one in a nicer City of Detroit neighborhood for 18,800. Built in 1922, 5 BR, 3 baths... still had all the glass in the windows, so chances are it still has it's copper, too. ...but it's in Detroit, and nicer neighborhood or not, the ghetto is only a couple blocks away.


11/14/2008 2:18:08 PM From: mercury actually, it might be your best time to shop for an upgrade, Ali... if the boom continues prices may be unaffordable before you know it.


11/14/2008 2:20:10 PM From: Ali My brother is in the real estate biz and a banker so if something too good to pass up comes along, he'll definitely fill me in.


11/14/2008 2:49:25 PM From: beags Well, we thought now might be the time to start looking for my husband's new car (although he's willing to go used) because his lease will be up soon and we want to explore options. We found a car he liked (a couple years old, not too many miles) for $13K. Perfectly good for what he needs it for- driving to and from work 3 times a week. The salesman told him it would be 310/month on a 5 year payment plan (not sure if we need to go on a 5 year payment plan but just for example's sake, he told us how much it would be). Excuse me? 310/month for 5 years on a 13 thousand dollar car??? That's like 40% interest. We walked off the lot- and I put in a prompt email message to a friend of mine, who knows the owner of the dealership. I don't expect him to get us a break on a car deal, but I do expect that their dealers actually know what they're talking about when we come to see them about buying a car from them. So.. my thoughts? Great time to buy only if the people selling aren't complete idiots/assholes.


11/14/2008 2:51:24 PM From: beags I would LOVE to buy a bigger house now, too- but the problem is that we'd have to sell our place, and it lost a lot of value in the housing crash. This condo was one of the biggest mistakes we ever made.. I love living in it but it's not a good investment.


11/14/2008 11:12:27 PM From: ImWithStupid Honestly, here where I live, we haven't had much of an effect of the "recession". Aside from the losses in the market, jobs are plentiful, there are more folks than homes for sale, and now that gas is cheap, not a lot of hardship here yet. I do see it making it's way here in the future, but with the local economy being more of a farming and manufacturing/producing economy and much less of a consumer based economy, we're more likely to be prosperous in these uncertain times.