Well, Where Are We Now

Recently a friend asked, “well, where are we now” with respect to the real estate and specifically, housing market. See, I think she has been waiting to see if she could purchase a home for $1. If you want a good home, this is unrealistic!

Where are we now? We are at a point where many individuals are losing their homes. This is not good. But, as with everything in our economy, one must look at the bad and the good. The good thing is that there is a lot of inventory out there. So, buyers have many opportunities, yet have to beware. Make sure you have the property inspected and don’t just jump at it because the price is good. Maybe you should think of working with a Buyer’s Agent. A Buyer’s Agent works with your interests in mind. A Buyer’s Agent will represent you, not the seller. Here in NYC, this is specified in a contract.

Likewise, if you are a homeowner and see that you will be getting into trouble months ahead, plan accordingly. You need to seriously consider putting your home on the market but really plan on doing this way ahead of time, do not wait until the last moment when all you can do is foreclose. Find a good realtor, and I know it’s hard but if you look around and ask questions, there are an awful lot of good ones who really want to help you. A good realtor will take the time to sit and talk with you about your specific situation and should be able to inform you on options that others in your particular area have taken advantage of in order to steer clear of foreclosure. Remember, your home purchase was a major investment and life altering decision for you, so plan, plan ahead. Many of our homeowners in trouble have waited until the final moment, then they want to try to sell the house at a price that is extreme in this market. Unrealistic! The home just sits with no takers and the homeowner wonders why it is not selling.

Other homeowners in trouble don’t even want to work with a realtor. You know, there are times in life when doing something on your own really works for you but there are other times when you have to humble yourself and recognize that it may not serve you well to “do it alone.” Keep in mind that the realtor is paid at closing. So it does not cost you anything to just talk to a realtor. Anyone who wants you to sign on the dotted line before giving you the time of day is not worth their weight in salt!!! Just keep looking and you can find someone you can work with and lean on when you get anxious.

As for homeowners that are doing well. Maybe this is not exactly the time to put your home on the market if you can hold off. When there is an awful lot of inventory and buyers have so many options, you will probably not be able to sell your home at the price you are thinking of.

Where are we now? I think we are at a point where you really should look for the professionals in the industry who can guide you during your decision making process. Is this some sort of plug for my profession and others in it. Absolutely! I and others continuously get training to serve you in the best way possible, see that as an opportunity and take advantage of it.