(cc) image by Capture Queen/flickr
The economic slump was brought about by overspending on houses, cars, and lots of home goods. It’s kind of ironic now that because of the economic slump, the same items are much cheaper and it is an ideal time to purchase those very same things. Here are some things you will want to purchase before the economy changes.
House: You won’t be able to purchase a home in the same way that people have been for the last 7 or so years. You won’t be able to get a loan without a large deposit of 20% and stellar credit, but if you have some money on hand and your credit is good, it is a buyers market. To top it off, you can snag a new house greatly discounted due to the many foreclosures on the market.
Car: Car dealers are dying to sell you a car. While you will need cash or excellent credit, it won’t be hard to walk into a dealership and walk out with a real deal. The easiest cars to get a discount on right now are the ones people are less likely to need such as SUV’s and other cars that use a bit more gasoline than others.
Diamonds: According to the NY Times, After enjoying more than two decades of almost uninterrupted price increases amid buoyant demand, the global diamond business is suffering along with many other luxury businesses. Retail sales dropped as much as 20 percent over the year-end holidays in the United States, which is responsible for about half of the world’s demand for diamonds. This is good news for anyone getting engaged, or looking for a priceless gift. The price of priceless has gone down.
Electronics: I took a survey that asked how may electronics I had purchased in the last 3 months. I was shocked as I ticked off several dots. But how can you not purchase electronics with the low prices available right now. Granted, I paid cash for everything I purchased, and it was purchased with tax return and bonus money… not money earmarked for other things. Anyway, computers, flat screen televisions, cameras, and similar items are all being sold at deep discount prices especially since they are luxuries that people only purchase when they have extra money on hand.
Clothing: Women’s clothing especially, have dropped in price due to high end clothing retailers being forced to cut prices to compete with discount stores that are getting all of the traffic these days. Shoes and accessories are available to anyone who has the cash.
Furniture: With fewer people buying houses, they are also not buying new furniture. With many furniture retailers going out of business, it’s not difficult to find a clearance sale should you need a new sofa or table.
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Andrea Hermitt writes for parenting (specifically teens), the home blog, and also the frugal blog, and homeschooling at families.com.