Nurses... tired of your rental's moldy vintage bath? Picture yourself in this!
There is no doubt we're in the worst economic and housing situation that generations have experienced. Normally "safe" investments in the stock market and primary home purchases have led to unpredictable circumstances for many. Some worry about, of have already lost, their jobs.
However, as a Realtor and investor I know when things look bad in the "world" I have to look at my own reality. If I have a good career, steady income and some cash on hand; is this situation bad for me?
My wife is a Registered Nurse with a masters degree and now manages out-patient clinics. Her nursing and management career has paid her well and consistently... and this has made her virtually recession proof. That is, she seems to have an endless employment opportunities in the Chicagoland area that will maintain her current income. Because of this, we have been able to purchase real estate that is right for our family despite any market conditions.
In fact nurses and similar skilled careers like teachers, police officers, firemen etc... now have the opportunity to buy homes that meet their needs more than ever before. If one is actively looking and ready to make a move (understands they're lifestyle, knows the market and has planned their financing), quality homes in good locations are being offered at lower prices than in the past five years. Interest rates are low, mostly well under 5.9% for qualified buyers.
I write this because people naturally get caught up in the over-all bad picture and uncertainty of just about every market today. But I look at this as a way to get a home that meets my families needs. I think a career person like a nurse has the stability, flexibility and income to own a home they will really enjoy. Buy in a good location to enjoy the home and wait out the current storm.
My wife and I put an offer this month on a Chicago condo in foreclosure that was dropped to a ridiculously low price. We lost it in a multiple offer as everyone jumped on it. We were buying it to fix up a little and put back on the market, but could have easily called it home too if we needed a primary home. We did not have opportunities like this in the past when shopping for a primary home; but you do now. It just takes planning and a good eye.