Because of the ongoing economic downturn, many people are afraid to spend their money. Investing their hard-earned savings in real estate and in anything related to houses and properties is considered a financial suicide since the housing bubble is one of the causes of the recession. But what if I tell you that now is the best time to buy a house?

Yup, you heard me right! Certain real estate experts and analysts said that despite the ongoing economic crisis, now is the perfect time to buy a house, specifically an REO property in Fort Myers, Florida.

An REO, or real estate owned, home is a house that has undergone the foreclosure process. Because of the recession, there is an oversupply of foreclosed properties and banks that own these houses are having a hard time handling them all. Experts are encouraging home buyers to buy an REO property in Ft. Myers for the simple reason that they are being sold at rock-bottom prices.

The law of supply and demand says that if there’s an oversupply of a product, prices will fall to promote “economic equilibrium.” The same principle can be applied to bank owned homes. If there’s too many of them, banks would naturally sell them at bargain prices to clear their inventories. In addition, because banks are not in the housing business, they wouldn’t want to have these homes in their books.

But here’s the catch, this trend wouldn’t last long. Once the economy picks up, REO homes are expected to fetch bigger bucks. So if you’re a smart buyer, you’ll take advantage of this opportunity now.