So Now What? Have you been caught in the swinging real estate door? Questions are buzzing around everywhere about the press reports regarding sub-prime loans, foreclosures and a declining real estate market.
Earlier today, I was challenged by Active Rain Mate, Mike Jones, to write this post after commenting on his post titled Real Estate Correction: I Don't Want Help From My Government . "So now what" was how I commented on Mike's post. With so many opinions out there it's difficult for anyone to answer that question. I thought to myself, this must be what the public feels like when they ask a "professional" for their opinion regarding the state of the real estate market.
Once I accepted Mike's challenge, I sat down and committed myself to writing this post. I thought it would be prudent of me to do some background on the "History of Real Estate Cycles". So I did what so many people do, I "googled"the phrase! I found myself reading link after link of many sites and authors with as many different opinions as there are grains of sand on the beach! Some I thought were genius and others were your standard gobledy gook.....
"So now what"? Who can the public hang their proverbial hat on when it comes to determining the answer to this question? I thought of what questions I would ask the professionals, if I were the average consumer. I came up with this exercise. Ponder the following points:
- If Real estate is cyclical, find out where "you" are in the cycle
- Real estate is local so find out what "your" local market is doing
- Consider "your" financial situation before making any decisions to change "your" status
- Determine if "your" housing needs are being met as they stand
- Gather these facts from your local trusted professionals such as Realtors and Mortgage Lenders
We should all be our own best advocates in everything we do. The trickle down theory is bound to hit many who may have made the right" decision at the time they made it but may have been caught in the swinging real estate door. Remember that markets can change. Be prepared to go through the same exercise of points to ponder each time you form that question "So Now What". Then do what "YOU" think is the best thing to do.
Some related posts to read:
The Real Estate Market - What's Driving It?
Is It A Buyer's Market? Read These Signs and then You Decide.....
The Benefits of Using a Realtor
Tips for Sellers - The Importance of Full Service Realtors
Price It To Sell and the Buyers will come!
The Importance Of Curb Appeal
Great Time To Buy Real Estate and Here's Why
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Maybe because I've lived through this before I know it will change...it's just a matter of when...and hanging in there until it does. I'll go check out your links Lisa.