“Credit Crunch” = Opportunity

Regardless of what you hear on CNBC pertaining to the credit crunch, smart business-minded individuals view this situation as an opportunity to make loads of money. And it doesn’t matter on what part of the spectrum you are in. If you’re a mortgage lender, now you can focus on home buyers with great credit, focusing on fixed rates, and not the disastrous ARM’s; if you’re a home buyer, you should be focusing on a home you can AFFORD; and for the pesky investment property owners, ahhh, now is the time to low ball ANY seller you see fit.

A chum of mine just bought a mini-mansion in Northern VA for $350k…..and the asking price was $520k. An apartment building I had my eye on earlier in the year just sold for $375k….the asking price 3 months ago was $500k.

And the sweet deals will get better AFTER Christmas, as homeowners purposely neglect their mortgage payments, and go into deeper debt via Xmas shopping (smfh), thereby driving up foreclosure rates through the roof.

Top 3 Markets to Keep Your Eye On:

1. Seattle, Wash. :
Median home price Q2 2007: $395,300
Median home price Q2 2006: $363,000
Change: +8.9%

2. Washington DC: Average Commercial Vacancy Rate: 7% (est)

3. NYC: Average Commercial Vacancy Rate: 6.5% )est)

I’d rather put my money in emerging markets….I’ll explain later.