Confusion

Well, what next? 

The economy is shot, our markets are falling apart, we are in a recession, in a depression, about to see the end of the world, every state in America is falling apart, the world economy is blown....

Are you sick of seeing these headlines? I am!

The world is not falling apart. America does have a strong economy. The Texas real estate market has slowed, but we are still very strong. Are the million dollar homes moving as fast? No. Can a person with no job, no money down, and no history of income get a loan? Not anymore. 

Things have changed. And guess what folks? They needed to.

Our lenders let anybody have loans, these folks couldn't afford them, and bam we have a problem. Gee, do you think?

Okay, so now what?

The housing market, nationally, was actually moving ahead finally, until all of these banks, and insurance companies started failing. Homes in Florida, one of the hardest hit areas, are "flying of the shelf" now. Prices are more stable, and even more importantly, more realistic. 

Are the markets in trouble? Yes, but like the housing market, they will make it. Things will be okay.

We as Realtors, agents, brokers, have to let the public know just how smart an idea it is now to invest in real estate. One example I heard on tv yesterday was about Florida's market. They said that houses once valued at $287,000 were now selling in the high $80, 000 range. That is an incredible value for buyers! Sure, you have to find them financing, but coach them all on the right way to buy. Show them the importance of having money down, good credit scores, and not buying more home than they can afford. Just because they are pre-approved for 1 million doesn't necessarily mean they should buy a million dollar home.

Just a few thoughts as the market crashes yet again today. Let me know what you think.