What type of real estate market are we in? On one side of the street, we hear the doom and gloom about how many houses are on the market, the falling home prices, the extended Days on Market, the tightened credit markets, and on and on. The other side of the street is much more optimistic and comforting. On this side of the street we are hearing of this opportunity to purchase a HOME at a great price, the fact that Uncle Sam is offering an $8000 credit to First Time Buyers and $6500 to Move Up Buyers, the fact that Interest rates are at an all time low, the fact that there is a great selection of properties on the market, the fact that if a property is priced correctly it will still sell fairly quickly, and the fact that buyers who could not be in the game as little as 2 years ago can now afford to purchase a HOME.
Ok so some of the doom and gloom is valid. We do have a housing crisis. Good people got themselves into bad loans and unfortunately are loosing what every American works so hard for most of their lives, (their HOME). The unemployment rate is also close to the all time high. People are loosing their homes, their jobs, and worse yet, their way of life. How can you find any optimism in that?
The optimistic view is more or an Opportunistic one. If there is a possibility that you may loose your home you have an opportunity to save it. Foreclosures can be stopped. If you are in trouble and having a hard time paying your mortgage, try renegotiating with your lender. The lender does not want to foreclose on your home. They would be crazy not to try to work on a new payment for you or lower your rate. You also can call a REALTOR and have them help you with a short sale of your property. While this is a bit complicated it is sometimes the only way to sell your home if you owe more than it is worth. If you bought your home a few years back and have some equity in it, make sure to price it right from day 1. I can assure you that it will not sit on the market for as long as you think.
So what type of Market are we in? A good Market? A bad Market? We are in your Market. This market is what you make of it. It is a fantastic market for buyers if they use their head and Buy Smart. It is also a fantastic market for the seller that can price their property correctly and get it sold fairly quickly to a buyer that sees a great opportunity to purchase a HOME at a good price.
But what type of market is it for the people in the red? The folks that owe too much on their home, or have an interest rate that is higher today than it was yesterday, or worse yet, the people who can no longer afford to pay their mortgage payment because the income is just not adding up.
The Market for these people is tough to put into words. These people need professionals around them. They need the assistance of a trusted REALTOR, an experienced Attorney, or maybe even a savvy Accountant. These people need to see that there is an alternative to Foreclosure. There is help out there. There is an Opportunity out there that allows them to get in touch with professionals that will work hard to save what they have worked so hard to keep. While it is unrealistic to expect that everyone can be helped in this unfortunate housing situation, it is realistic to expect that everyone in this situation at least try.
Use this Market as an Opportunity. Your Opportunity.
All the best,
Manny "the REALTOR"
This article was written by me in March of 2009 and is still valid for the market that we are seeing today. If you or someone you know is having a hard time making their mortgage payments, please give me a call at 401-323-8292. I have short sale negotiators on my team of professionals that will work hard to save your home from foreclosure.
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