Worried, Scared, Optimistic or What?

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Education & Training

Are you worried? When you drive down the street and you see abandoned houses with those all too familiar “signs” posted on the garage, what are your thoughts? If 1 in 6 homeowners are facing foreclosure, then that means 2 of the houses on my street are facing a dismal future. Not only that, but 2 of my neighbors are about to be hit with life changing events that perhaps they never saw coming (if they haven’t already).

While out walking the dogs earlier this evening, I stopped to talk to some friendly folks in the neighborhood. Of course, the subject of the economy always comes up – just because it’s on everyone’s mind. The same questions are asked –

 

Now What?

Are we near the bottom of the market?


Will we be able to recover?


How has the economic slowdown affected your job?


Do you have a back up plan?

 

 

Interesting, really. These questions don’t seem to be exclusive of a particular generation. People in their twenties are asking, as well as empty nesters. Those that seem particularly hardest hit in my neighborhood are those within 10+ years of retirement. Those who had a 401K last month, now have a 1K to retire on.

Sometimes, I wonder if I’m overly optimistic or just plain naive. Do I understand that depth of what is happening or are market reports inflated?

What are you thoughts? Are you worried? Scared? Optimistic?

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Rainer
56,346
Calie Waterhouse
Chandler, AZ
Community Builder

I am so glad to hear you "say' that Susan.  I tend to be a little too Pollyanna like and wonder if it's going to be to my detriment this time.  Thanks for sharing - Calie

Oct 09, 2008 03:28 PM #2
Rainmaker
94,133
Roger Stensland
The Cascade Team Real Estate - Maple Valley, WA
Let's Move!

Calie, I am not worried.  But, the nationwide trend is not anywhere near that high.  I think that the figure is under 1%.  I  do think that if the figure were 1 in 6 I would be concerned.

Oct 09, 2008 03:28 PM #3
Rainmaker
216,997
Angela Lawrence
Noble Merit Real Estate Services - Winston-Salem, NC
Broker/Owner

I think its always best to think positively. Hang in there and good luck!

Oct 09, 2008 03:29 PM #4
Rainer
9,184
Rick Rodriguez
J. Rockcliff Realtors - Danville, CA
Broker, Property Manager

I'm not worried!  I'm reassessing what I value most.  Don't get me wrong I need to make money, but heck i'm not going to sacrifice my health, sanity, relationships by placing fear at the forefront of who I am.  I'd rather say I'm optimistic, realistic, and already have everything I need even though i still need to make money.

Oct 09, 2008 03:30 PM #5
Rainer
56,346
Calie Waterhouse
Chandler, AZ
Community Builder

Roger - I hope you're right.  Although I'm a new agent, I've been in the industry for a while and things just "feel" different.  I don't mean this in a bad way - but by using your 1% figure - how many houses would that include?  Just curious - Calie

Oct 09, 2008 03:32 PM #6
Rainmaker
165,822
Janet Larsen
Remax Connection - Sicklerville, NJ

I strongly believe in surrounding yourself with positive people.  (Don't watch the news)  There are always people moving, selling, buying for different reasons.  Look for them!  They're out there!

Oct 09, 2008 03:35 PM #7
Rainmaker
76,269
Randall Schrader
Competitive Insurance of Dundee - Dundee, FL

I am always optomistic, but several homes near me have been or are currently in foreclosure.  I am hoping this rescue plan works as advertised.

Oct 09, 2008 03:38 PM #8
Rainmaker
251,024
Debi Boucher
Real Estate Showcase Photography - Woodland Park, CO
"Realtor Showcase" - Real Estate Photography/Virtual Tours

I hope the plan helps too, I have a rental across town, and 5 of the neighboring homes are in foreclosure. Not a good thing. It WILL pass....I just hope it hurries!

Debi

Oct 09, 2008 03:55 PM #9
Rainmaker
250,996
Michael and Cheron Lange
Solutions Real Estate - Chandler, AZ
Associate Broker, GRI

I am optomistic, maybe naive...who knows.  I do know that it seems as though when the elections are around the corner, the economy does choatic things.  I am hoping that once elections are over, the economy will make a rise.  Elections are one month away...it will be extremely interesting for every Democratic and Republican out there!

Cheron Lange

Oct 09, 2008 04:11 PM #10
Rainer
56,346
Calie Waterhouse
Chandler, AZ
Community Builder

Brad & Angela - Truer words have never been spoken.  We all just need to hang in there.

Rick - Great advice!  Realistically speaking, we all need to make sure our priorities are in order. Thanks.

Janet - I try so hard to surround myself with positive affirmations.  I'm not really a t.v. type of person - but I am on the computer (a lot!) and sometimes feel like I just can't get away from it.

Randall - Optimism coming from a mortgage person can actually provide hope.  I hope you're right.

Debi - Probably in this case, patience may not be a virtue we want poured upon us.  I would like this whole thing to already be over.

Cheron - Good point - our market seems to be fluctuating every day - just like our nominees.  We're just not sure where anyone (honestly) stands on the issues.  Thanks for pointing this out!

Thanks everyone for commenting.  I guess I'm not completely alone in my optimism.  Yeah! - Calie

 

 

 

Oct 09, 2008 05:03 PM #11
Rainmaker
490,077
Richard T. Dolbeare
Keller Williams Realty Maui - Lihue, HI
R(B), ABR, CRS...Hawaii Multi-Island Specialist

I'd like to add a new category, call me "astonished".  What's going on seems unbelievable.  As for your categories, I'd like to put my checkmark in the optimistic column.  While many people are hurting bit time, it's a great opportunity for those who have been sitting on the sidelines.

Oct 09, 2008 05:40 PM #12
Rainer
56,346
Calie Waterhouse
Chandler, AZ
Community Builder

Richard - Sad to think, but it sounds like one person's loss is another person's gain - kind of time. I agree with your word - astonished.  I wrote a post a while back on "how did we get here?" I just can't seem to get my head wrapped around everything that's happened. Thanks - Calie

Oct 10, 2008 01:16 AM #13
Rainmaker
335,143
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

I'm basically optimistic. Yes, this situation will have long reaching effects, and we will all end up making changes because of it. But we will (or we CAN) survive if we are willing to do what it takes, and the housing market will come back up to normal levels.

If the result of this whole mess is that we are, as whole, leaner and cleaner and less dependant on credit, well maybe that's a good thing in the end. Some lessons are hard to take, but help you in the long run.

Oct 10, 2008 06:46 AM #14
Rainer
56,346
Calie Waterhouse
Chandler, AZ
Community Builder

Great insight, Leslie.  I can especially relate to being "leaner and cleaner and less dependant on credit" - WOW - sounds like a great title for an upcoming post?!? - Calie

Oct 10, 2008 07:14 AM #15
Rainer
14,127
Robyn Guinn
StageAZ - Phoenix, AZ
Home staging, Arizona

Hi Calie, I'm with you, not sure how I feel.  I like astonished too, that seems to fit.  Leaner and cleaner in every facet seems like the fix too Leslie. 

Less driving around wasting gas, less shopping, less eating out, turning the thermostat up to 79 rather than the 76 I prefer. Thinking greener even more than before, little things I can do.

I really think twice about cutting back on some things though, like tipping when I do go out, not getting a manicure or pedicure, what if I didn't put in the winter lawn, getting a hair cut every 8 weeks instead of 6..... all of those things would limit the income of those providing the service.  I don't like to cut back in areas that affect someone else and their livlihood.  Maybe that's silly, but any of us could be in much dire circumstances.  There but for the Grace of God............  As long as I can I'll keep doing those things.

I like to sit back and be thankful and greatful for all that we have.  Maybe Thanksgivng coming around every year is just the reminder we need for all year.  

I sure don't know what the answer is and it's a pretty scary lesson, but a necessary one I think.

Oct 10, 2008 12:46 PM #16
Rainer
56,346
Calie Waterhouse
Chandler, AZ
Community Builder

W O W Robyn!  Where the market is concerned, I think we're all apprehensive, astonished, quizzical and frozen.  The answer to the question of "What now?" is a scary one, that I'm not sure that collective society is ready for.

Now - for the rest of your comment. W O W!  Can I say it again? W O W!  I never thought of it that way, but again if I look back at my actions, I completely agree.  I still see the wonderful gal who primps me, I look forward to seeing my friends at Starbucks, I still tip servers - sometimes more than they deserve - I go out of my way to actually hear what someone is saying and genuinely care about their answer. 

Thanksgiving should come more often. For us - it's a state of mind.  Bugs me to no end that holiday decorations are already flooding the stores.  Shouldn't we at least be thankful for what we already have, before we ask for more?

Although it's hard, I'll get off my soapbox.  Thanks for stopping by & sharing.  Come back anytime. - Calie

Oct 10, 2008 12:54 PM #17
Rainer
14,127
Robyn Guinn
StageAZ - Phoenix, AZ
Home staging, Arizona

No need to get off the "soapbox", we're all on it with ya!  I hear my husband all day in his office as he is watching CNN and the market go down tick by tick.  Some of the comments he says I can't repeat here. :)

When he does emerge for lunch or coffee, I can see the look on his face.  I ask are you stressed or astonished?  He says astonished, whew, and I feel relieved that he's only "astonished".  How weird is that when astonished has become an only? 

He chooses to watch it day in and day out but it would drive me crazy. 

I really like what you said about Thanksgiving, that it should come more often.....  It's a state of mind is so true. 

The truth is "it" scares the heck out of me and I think it will get worse before it gets better, but it's time that the "collective society" realizes just how fortunate we really are.  Be greatful for the little things.  I think we HAVE to or it will get worse.

It (the market or whatever it is) has  been running on greed for a long time now.  We've taken so much for granted for so long.  Not "we" as you and I but the powers that be, Wall Street, CEO's making ridiculous money, the oil companies,  the government pushing the bankers/lenders to do ridiculous loans with such lack of credit guidelines.  Some people... yes by all means will do everything in their power to work and keep their home. Some will walk away, some will trash it and walk away. To me that's criminal, but we don't do anything about it.  Now, those people should not be able to have the privledge of buying another house but probably in about 4 years or so they will.  Unless guidelines are eased again, which they might.

Now, I'm getting off the soapbox!  Don't get me started!! :)  Gees, I didn't want to think this hard on a Friday night!  LOL 

 

 

Oct 10, 2008 02:39 PM #18
Rainer
56,346
Calie Waterhouse
Chandler, AZ
Community Builder

Robyn - you & your hubby need to read this post by A/R blogger, Debi Boucher - lots of insight!
 - Calie

Oct 10, 2008 02:45 PM #19
Rainer
14,127
Robyn Guinn
StageAZ - Phoenix, AZ
Home staging, Arizona

Oh my, my my, that is amazing!  Eeeeeery is right!  Thanks!  Gives me the chills!

Oct 10, 2008 03:03 PM #20
Rainmaker
224,121
Laurie Mindnich
Centennial, CO

This is a horrible market, and we walk the tightrope of "I"ll present the offer" balanced with knowledge that the market is declining. It all boils down to an investment, or a home, and understanding the difference (which is not easy for those watching spiraling 401k's). Thanks- thought provoking and a reality- it's a challenge.

Oct 17, 2008 02:40 PM #21
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Calie Waterhouse

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