With the climate of economic uncertainty continuing to loiter about, here is some concise action recommended in the Sunday Denver Post’s, The Wall Street Journal Sunday by Alan Murray.
These few simple rules seem obvious in planning for an uncertain economic time.
Pay down debt and lock in interest rates. If you don’t already have a fixed rate mortgage work to convert your ARM. “And”, according to Mr Murray, “if you’ve been thinking about buying a home–first or second–do it now.”
Enjoy lower taxes for the next couple of years because they may not last any longer than that. Included in this thinking is shifting income to the next two years while tax rates are more favorable and converting an IRA to a Roth in order to prevent taking the potential tax hit in the future.
Diversify into investments abroad with the thinking that the developing world will grow faster than the rest of us and the dollar’s value will fall.
More important, Mr. Murray declares that we should prepare for the unknown. Unpredictability is the order of the day and is the lesson we should have learned from recent history.
I really like the part about buying a first or second home if you’ve been considering it…especially “do it now.” The local Steamboat Springs market is indicating that is good advice. While there continues to be a good selection of properties in all categories, savvy investors and lifestyle change artists are moving into the market. Multiple offers on listed properties are occurring, and a traditionally slower selling season appears to be heating up significantly.
Remember, if you are thinking about a Steamboat property, don’t wait and miss out on selection and price…NOW IS THE TIME.
For more info on the Steamboat Real Estate Market, call or email me. I’d love to share what I know with you.
Anne Mayberry 970.846.1425