A recent MSN article features 97-year-old real estate agent George W. Johnson, who has been in practice since 1936. Experiencing numerous property booms and busts, he offers a rare insight to the real estate market based on lessons learned during key times in US history (including the end of the Great Depression!!). If you are currently looking into purchasing a piece of Boston property, heed the following advice from someone with over 70 years of industry experience.
Be wary of one-company towns: Johnson warns that any town that’s dependent on a single industry or company is in jeopardy of market turmoil. He cites his firsthand account of the 1960’s downturn of the Seattle market as an example. Towards the end of the decade, aerospace company Boeing laid off nearly 60,000 employees, sending the market into a downward spiral. Johnson stresses the importance of widening your real estate search criteria to include the area’s economic status economy.
Avoid getting greedy. Johnson blames human greed for the weakened state of the economy and claims that people get too caught up in the attractiveness of a bargain. He advises people to accurately and honestly assess their financial standings and to remove their blinders when it comes to deals that seem too good to be true. Doing this, he states, will decrease any dependency on the bank.
Timing is everything. Johnson says that the current market serves as a good time for first time home owners to buy, stating that “A buyers market doesn’t come along that often … you just can hardly help but make money on whatever you buy today at the prices they are.” Enlisting the help of an experienced Boston buyer agent can help you make the most of this transaction.
If you don’t have to sell, hang on. Confident that the economic struggle is nearing an end, Johnson believes it is in the best interest of homeowners to keep their current home. He predicts things will look up within the next year or two.
If you are currently looking for a piece of Boston real estate, browse our online selection of Boston apartments, and Boston homes.
