Monday, September 11, 2006

ADN Real Estate story -- Reaction from Ken Gain

Ken Gain is a respected long-time real estate licensee who has just about every credential one could imagine. Here's his reaction to the Daily News story published yesterday, posted here with permission:

"What I see is what statisticians refer to as "reversion to the mean". The market is still very strong and in my opinion is a much healthier market because it is forcing both buyer and sellers to negotiate and use sound judgment. Balanced markets are, in my opinion, always better than buyer's markets or seller's markets. I was somewhat concerned over the last several years where people who really understand little about real estate or markets in general were wrapping them selves in the cloak of infallibility by pronouncing that "you can't go wrong with real estate". Fortunately, we didn't see a huge upsurge of investor purchases of homes that occurred in many markets. You can be certain that when properties are purchased only in anticipation of flipping them in a short time, rather than occupying or renting them, that a significant correction is only several years away. A market based upon the "greater fool theory" is a dangerous market. In summary, I believe that the recent cooling of the market is very good for everyone."

Ken Gain, PresidentCA$H NOW Financial Corp.Phone (907)279-8551Fax (907)274-7630 Website--http://cash4you.net

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