We know that all real estate is local. Analysis is valid only for a specific market. Global statements do not apply.
Something strange is happening. Our issues are springing up around the world. And the discussion is going much differently.
Currently I am in England. Reading the papers makes me realize that real estate difficulties will be slamming the UK just as they have the US. Yet the attitudes here are different, as is the discussion. Mostly I find that the Britons have even less of an understanding of real estate, mortgages, interest rates, and ramifications than the Americans do.
This is alarming. Yet perhaps this upheaval will result in more education for the citizen. How can it be that we all need some place to live, and some way to pay for our residences, yet we have almost no understanding of how the process works? There has been some serious deficiency in the educational system, either through public education or through the process that a buyer or seller goes through in a real estate transaction.
The public has been clamoring for information, and we have been providing it via the internet. What the public should be demanding is education. Until more people understand basic finance and economics, we are going to have severe problems in functioning as a world economy.
Face it, the world has shrunk, and we are all in the same boat. We need to get serious about examining our world, our finances, our governments, our assumptions and our thought processes. It's time to grow up, and that requires education. Information isn't enough; we need understanding and wisdom, which are acquired through education.
The challenge world-wide to the real estate professional is to examine his ability and desire to educate. If you do not want to participate, get ready to be brushed aside. The demand for understanding, wisdom, and the ability to explain is coming quickly.
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