I think it is up to the PROFESSIONAL REALTORS (those who are in it, and have been in it as a career) along with the PROFESSIONAL, HONEST, LENDERS to work diligently to help our current situation find its center again. And I think we are up for the task.
This is the PERFECT TIME to study up on creative ways to help folks move on (seller carry-backs, Nehemiah, etc...). If you have never been faced with a market like this before, go find a seasoned agent who has been around for a long time and pick their brain on ways they helped clients through similar market conditions. Fact is, people live in houses...and as long as that is true (I suspect this is not going away any time soon) they will continue to need PROFESSIONAL REAL ESTATE AGENTS to help them navigate home purchases. (What a beautiful time to show your client's the worth of hiring a professional Realtor!!)
Encourage LONG-TERM housing goals for your clients. Remind them rigorously that a house is their H-O-M-E...FIRST. The place where they will LIVE, the place where they will celebrate with family, eat dinner, create community. A sturdy property filling THOSE basic needs for our clients is what is most important. Secondarily is the answer to the 'how much will it appreciate over time?' question. Yes, the second question is a very important part of the equation, but it is T-I-M-E and investing energy in the care of your investment through the maintenence of it that will do the work of creating equity. (we are back to housing being what it always was...a LONG-TERM investment.)
GONE are the days of everyone being a real estate investor, looking for quick profits. Back is the NORMALCY of folks buying homes to live in. WHEW! I, personally, could not be more happy! I became a Realtor to help nice folks buy and sell H-O-M-E-S that they would actually LIVE in. I never intended to be a Trader on Wall Street...which is what the Realtors seemed to turn into for a few years there.
It is my belief that housing sold to folks as H-O-M-E will steady this rocking boat more quickly than anything else we can do.
Live good. Be happy. Be a Professional Realtor.
-Mimi
Mimi Osterdahl / The Muljat Group Realtors / Bellingham, Washington / http://www.livegoodbehappy.com/
2008 President Northwest Washington Women's Council of Realtors
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