After everything that has been said and done about the real estate foreclosure crisis, even though the end is not over, you can't say it is over till it is actually over. But, do you think that we will learn from our mistakes or do you think that history will perpetually repeat itself?

We will, and most likely, have learned our lesson about the real estate market...at least for a little while. Statistics do not have to show or prove to us what is happening in the market, we all see it. Street block after street block with homes lined up with for sale signs from the for sale by owner to the real estate professional, trying to sell a pre-foreclosed home, or bank owned property and better yet, home auctions directly to the public.

But is real estate a Necessity or a Luxury? Having a roof over our head is a basic and essential human need just as food is and clothing. We eat because not only do we get hungry but we need to feed our bodies and brains for energy fuel. For most of us, we eat to survive - some people eat to live (basic, essential human necessity) and some people live to eat (luxury). Yes, even food is a luxury to some people.

When it comes to shelter, a home or even just a roof over our head is a basic human necessity. How many people were buying homes when in reality they could not afford it?  I just hope that some people have learned the difference between Necessities vs. Luxuries. Sometimes it is wiser to satisfy a Necessity than a Luxury.

Scarcity (recession) challenges us in obtaining goods such as a new wardrobe, perhaps a dream vacation, a newer car, a bigger home, and everyday things that we want and not necessarily need but would love to obtain (such as shopping at the mall) which limits the satisfaction to actually satisfy them.

But I also hope that real estate consumers learn how to play the game of buying and selling. Buy low, sell high and consider location, comparables, homes sold in the past 6 months, consider their credit to put 0 down and obtain a low interest rate, but most important, that they can afford the home that they are purchasing After all, we do need a home to live but by human nature want to satisfy our want and needs and obtain the American Dream. It's all about strategy.

©2009 Diana Pѐrez