Annual fence sitting update - I still can't believe it's happening

By
Industry Observer

A year ago, we asked non-buyer/sellers, "How's that fence sitting workin' out for ya?"   The question was directed at folks who watched the housing crash and slow recovery, all the while in disbelief.  They watched as their dreams turned to nightmares, their hopes turned to new hopes, and their children missed the opportunities they imagined for them.  All along the way, the opportunities continued to exist, but the fencesitterz worried their way through inactivity.

A year ago, I asked the fencesitterz to believe in themselves and a better life, and I warned that waiting another year would make them older, the house they dream of more expensive, and interest rates substantially higher.  Well, it's now a year later, and it's all happening just the way most of us knew it would.  What are the fencesitterz doing?  They're doing nothing because they still can't believe it's happening.

 

 

(Here's last year's message)

"How's that fence sitting workin' out for ya?"

It all reminds me of Bill Cosby's song about a little old man who keeps getting run over by a train and stomped on by elephants (probably donkeys too).  When ha asks why the old man doesn't move, the reply is,  "Cause I can't believe that this happened."   Well, the housing crash happened, and if you're still sitting there in disbelief, you may want to check on your personal progress.  Believe that the house isn't worth what it was.  Believe that there are better places to live than here.  Believe that your life is only going to happen once.  Believe that now is the best time to choose the lifestyle upgrade you deserve.  The alternative is to wait until interest rates and the price of the upgrade home both go way up, and the elephants will again be stomping on you.  Call me if you want help.

The housing market is in the final stages of a crash and recovery cycle.  For the last several years, many people who wanted to sell their homes and move up to something more appropriate for themselves and their families have voluntarily remained frozen in their tracks.  Many saw their home values drop again and again.  They couldn't believe it was happening.  Ask why they didn't want to make a move, and the answer was often that they just couldn't believe it was happening. 

Now the market has stabilized, and the kids are halfway to the age when they'll be moving out.  They will have survived without the better opportunities that the newer and better home and neighborhood would have provided.  Prices are not dropping, maybe even rising a bit.  The house is not worth what it was worth in 2005, or 2006, or 2007, etc.  It may be worth a little more than last year, but it's not worth what it once was.  In the meantime, that move-up house is increasing in price.  They can't believe it's happening, and they are still on the fence. 

Posted by

 Mike Carlier  Lakeville, MN

 

612-916-3033

 

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Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

The fence sitting waiting for just the right opportunity is just silly.  If you need a home, you may as well buy one if you can afford it.  The reality is you are buying a monthly payment and the freedom to do as you please without having to ask the landlord if you can paint, or do this or that.  

Sep 14, 2013 05:02 AM #1
Rainmaker
3,985,513
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Most people missed the best chance they will ever get.  Sitting on the fence only garners slivers.

Sep 14, 2013 09:23 AM #2
Rainmaker
522,322
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Chris Ann, it seems like some folks have an intense fear of a lifestyle upgrade.  They are probably waiting for a time when there is absolutely no risk associated with a decision.  Of course, the missing part in that strategy is that no decision often carries an even greater risk.  They are the kind of people that make landlords very happy, forever renters.

Sep 15, 2013 11:49 PM #3
Rainmaker
522,322
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Bill, I think there are some folks who don't understand the difference between silver and sliver.  

Sep 15, 2013 11:51 PM #4
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Rainmaker
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Mike Carlier

More opinions than you want to hear about.
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