Arriving early, I had plenty of time to preview the foreclosure ahead of my showing. Making my way among the scattered artifacts (including pictures of their school age children) I pondered the fate of the displaced family.
Regardless of the circumstances, a home loss has to be hard on the family. Where were they living, I wondered? With family, or perhaps a rental if they could get beyond the credit check. But would they dare seek home ownership in the future?
My guess is that most folks will. We already get office calls from people who have lost a home 1-2 years back. Sadly, they are still a ways away from a return to ownership status.
Perhaps it was the sweltering heat inside the foreclosure, but my mind drifted to the Phoenix. You know, the mythical bird that rose from the ashes. I predict this will be the next big trend in real estate. Over the next 7-10 yrs, folks that experienced home loss (let's not call it foreclosure) will be wading back into the market. Here are some rough concerns I think this group will have
1) Psychological Scaring From the home loss-- Will they suffer from cold feet when it comes time to commit. After what most have been through, who could blame them. Expect a great deal of hand holding.
2) Credit Repair-- Don't expect prospects to come to you with credit to purchase a home. Establish a working relationship with lenders who will invest the time into getting folks back on track.
3) Down Payment--My guess is our Phoenix clients will need money to purchase a home (don't that sound like common sense), Perhaps it should have always been this way!
4) Fractured Families-- The number one cause of divorce amongst young people is money. My guess is many families experience divorce and foreclosure at the same time. As agents we will need education on community property issues.
5) The End of The McMansion-- Our Phoenix will mostly likely seek a modest nest. Starter homes may be marketed as "Restart Homes".
Thoughts? Am I on to something here??