I haven't posted anything since returning from Vienna, so it's good to be back. Life has hectic with catching up with my listings, teaching my bass students, and playing many concerts with the orchestra. This time of year is particularly busy with holiday concerts, including two performances of the Messiah.
As we look back to what has been a challenging year in real estate, we can look forward to a healthier market. It may take a while, but many of the excesses in lending and pricing are being wrung out of the system and eventually we will return to a more normal and sustainable market. That doesn't mean there won't be pain, but with changes in FHA and lenders more willing to work with homeowners, I expect an improvement. I think the main lesson here is "if it's sounds too good to be true, it's because it isn't. Remember what happen in the stock market just before the tech bubble busted? "It's a new paradigm! PE ratios of 50 or even 90 are okay! The market is different today!" Baloney. "I can own a home with nothing down! Who needs equity in a home?" Well look what happened.. Owning a home is a rite of passage and is something to be worked for. In my opinion the way we went about financing homes was unwise and dangerous. Careless lenders led many buyers to think they could own a home for nothing, and many fell for it. Let's look to the future a bit wiser. Where owning a home can be a good investment, the primary reason for owning a home is to have place to enjoy families and create memories. Don't let the bad press make you think that homeownership is dead. We all need a place to live. People change jobs and have to move. Despite the difficulty in the housing market America will continue forward. As a home owner I still think it was a great move to purchase a house, but one has to think long-term. Take a deep breath and appreciate what you have during this holiday season. With a clear mind we can work this out and look for better times ahead. That's my opinion and I apologize if I've offended anyone. HAPPY HOLIDAYS!
Tips for sellers: http://blog.realliving.com/public/item/191546
