This is not your Father's real estate! Thank God! Remember when Oldsmobile changed their product and advertised that "This is not your Father's Oldsmobile?" Do you remember your Fathers Oldsmobile? Do you remember Oldsmobiles? Well the Chicken Littles of real estate, the excuse makers, the near do wells, the pessimistic, the lemmings, those people with six months experience many times over are blaming the market shouting There are indeed few if any Fathers that have ever seen such a market. Falling home prices and extremely low interest rates don't go together in your Father's conventional financial models! Low mortgage rates have always allowed higher montages and cause rising home values. Falling home values allow higher mortgage rates, but don't necessarily cause higher rates. Or, so your fathers were taught and it was reinforced until recently by their experience. So it is possible that "This is not your Father's real estate!"
"This is not your Father's real estate!" Real estate though is more that the dollar value of a house, more than the cost of money! Real estate has a functional value, every one has to live and work some where! Real estate and the shelter it provides is one of life's necessaries! Real estate has an intrinsic value! Until recently everyone wanted their progeny to live a better easer life than they do/did! Real estate has an esoteric value known only to the home owner! The value of individual real estate normally far exceeds the sum of it's parts!
When you realize the necessity of real estate, the intrinsic value of real estate, the esoteric value of real estate, the people factors of real estate they maybe right. "This is not your Father's real estate!" Indeed this is the people business. This is your Grandfather's real estate!
What your Grandfathers knew was that there is no value to real estate except in it relationship to people! What they knew was that the dollars don't matter the market will be great for those agents that concentrate on solving people problems!
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