Happy New Year!!! This time of year the most popular words after "happy new year" are "my new year's resolution'. Well I decided to add a new phrase, "my new year real estate resolution".
In these times I know that this has definitely crossed a few people's minds.
•· ‘Should I sell my home and get more home for the money because interest rates are at a record low and housing prices are low?'
•· ‘Is now the time to buy my first home because interest rates are at a record low and home prices have decreased?'
•· ‘Should I short sale my home regroup and purchase real estate once I get my finances back on track?'
•· ‘Should I invest in the real estate market or keep my money in my mattress account?'
And just like New Year resolutions become idle words, so do "new year real estate resolutions"; here are the other thoughts that cross people's minds.
•· ‘I will be losing money; I could have made more money selling my house in 2005.' (but you didn't)
•· ‘The interests will drop and the home values are going to continue to decline.' History has proven that rates tend to increase once the new House and Senate members take office. In some areas home values are actually starting to increase.
•· ‘Not fully understanding what a short sale is and afraid to ask questions.' (There are no stupid questions) I was once told know what you don't know and then find someone who knows what you don't know.
•· While your mattress might be getting more comfortable or lumpy (depends on if you're saving paper bills or coins) your investment portfolio is not. An investment requires research, something to invest, and some risk. (Nothing ventured nothing gained)
So How About A "Action Plan"
How about planning a plan and working your plan? Now to plan your plan you need to do some self-assessments. You may want to consult professionals: financial planners; spiritual advisor; significant other; mortgage loan officer; accountant; real estate attorney; and/or real estate agent. Only you can truly determine your needs and wants.
To plan your plan here are a few recommendations:
•· Check your credit report to see, how the creditors see you
•· Prepare a budget (and do include your Starbucks, Dunkin Donuts, & Blockbuster visits in your budget)
•· Be honest with yourself about what you ‘can and cannot do' or ‘will and will not do'
•· Most importantly write your plan (notebook, IPad, anywhere you can refer back to it regularly)
•· Give yourself realistic time frames (this might require consulting a professional)
•· Etc
Working Your Plan
JUST DO IT!!!
Good luck and best wishes for the New Year!!!!!!
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