Mesquite Real Estate Market - The Eye of the Hurricane
Originally posted by Virginia Hepp, Realtor, Mesquite NV
Is the Mesquite real estate market finally in the eye of the hurricane?
When a hurricane warning becomes known, decisions need to be made to protect your family, your property and your possessions. Do you flee the area, leaving behind everything that you have built and worked for?
Or did you hunker down and prepare to wait it out and come back strong to rebuild with what is left?
Most of us underestimated the strength and fury of the hurricane that hit the real estate market in Mesquite NV and most areas of the country.
The huge loan tornado grew bigger and bigger and devastated all in it’s path of fury. The fuel price tornado gained force and impacted all aspects of business in the country.
Gretchen Faber called it the perfect storm in her post Riding Out the Storm.
As we are waiting for the eye of the hurricane to pass over, we can assess the damage and prepare for the aftermath of flooding that is already here and the smaller tornadoes that are still to come.
Too many homeowners have not been able to save their homes. Many real estate related companies were not able to prepare and have had to flee the storm.Some families will lose everything.
Some homeowners cannot afford to sell their homes right now. They owe more than they paid for their home before the storm.
But many sellers here have been able to adjust their price and hunkered down to be in prime position when the hurricane passes and the pent-up buyers leave their basements.We are finally seeing some patches of blue sky - you have to look hard between the dark clouds.
The 'easy to qualify for' loans are gone with the wind - Only buyers with good credit and some cash for down payment are in a position to buy.
As these pent up buyers make their moves, the flood of homes on the market will eventually subside. And the market will stabilize.
The prices will eventually start going up. But pay attention - when that patch of blue peeks out of the gray sky - don't be the last one to climb out of the basement.
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