I get questions all the time about the current state of the market and what is going to happen in the future. Just for the record, I can assure you that I am not the only person in the world that has noticed we have never seen a headline in any paper that reads psychic wins lottery. That's mainly because no one can predict the future or what lies ahead for any of us. This market has presented many challenges that many people have never faced. It will simply take time for everything to come around, level off, and get back to "normal."
However, one thing that I have been suggesting lately to all those that ask me questions about the market, is to run out and buy a magic eight ball. It's guess would be just as good as mine on many of the answers that the general public would like to have. Or that we in the industry would like to have as well for that matter. The truth is that no matter how in the loop we are, it's still a guess.
Now all the various economic stimulus programs are the latest set of confusions running through the industry. The fact of the matter is that none of us know exactly what Congress is going to do either, and it's not like we ever have. But, there was a good deal of excitement created in my clients at the thought of possibly cashing in on the $7,500 tax credit and this one I understood and could explain. Now, with all the new proposed stimulus packages, such as extending the tax credit and raising the amount available, and including more than first time home buyers, people have a ton more questions. Again, I have to offer them my magic eight ball. I have no idea what they are finally going to pass and what they are not going to pass. Everything for now is just a rumor.
So, I will continue to watch the market closely, like everyone else. I will hope for the best and prepare for the worst and see where it all ands up. As for time frames on any of the questions that are asked of me, who really knows how long any of this will take. I usually give the same answer all the time. When people ask, "so when is the market going to completely turn around?" I always say it will do so in the Spring, I just don't know what year.