The residential bubble is burst. Gone are the days of making money from flipping, or just waiting a year or so. In fact, in some areas prices are coming down.
This is probably a good thing. Housing prices were out of whack. When it makes much more sense to rent than own, something has gone wrong with the American Dream. There are lots of other places to have the discussion as to how and why all of this has happened. Our question is now what?

So, now what? It depends on what you want to do. New construction? Actually, it’s a great time (assuming you can get a loan). Contractors are really feeling the heat. Starts are down considerably. This means that contractors are looking for work. Our office has been getting calls fairly regularly from contractors asking if we have anything they could build. The same goes for remodeling.

The other thing to do, if you can afford it, is to buy and sit on it. Rent it out…since there are renters out there. Again, it depends on your ability to get financing (or how well your stocks have done recently), but now would be a great time to buy propreties that people are eager to get out of because they can’t afford them anymore.

So, take advantage of the situation…call an architect.