I held an open house yesterday for a foreclosure going to auction in Cherokee County GA. I met so many people and the moods were from one extreme to the other.
One young couple I met were looking for their first home and are just elated with the home that they can now purchase as a starter home, and the interest rates they are able to obtain. Those are the people that keep me upbeat in this market!
Then the neighbor and his father came over to talk. They wanted to know what was going on with the home. When I told him that the home was now under auction terms and what the starting bid would be, he was visible upset. His father said that they should just burn it to the ground(hope he was kidding). I tried to do my best to assure them that we would see this market stabilize and reasonable values return. I also told the father (torcher) that this was a government owned home and that as a tax payers we would ultimately be paying for any damage to the home.
Then I met another neighbor who had the right attitude. He was going to the auction and try to buy the home as an investment property. He realizes that his neighborhood is a great place to live and that he should take advantage of this opportunity. Turning lemons into lemonade (my favorite drink right now).
This market won't last forever, and I hope that more people see what most of my visitors yesterday did, that now is the time to buy!