Real Estate
To Be … Or Not To Be . . .
in Real Estate Market … That is the question on people’s minds during these current bad economic times. I wish someone out there had a crystal ball to give us the right answers, but unfortunately none of us do. Many of us made mistakes in the past and surely paid the price. But what about the people who have to make such major decisions like buying or selling their home, under these current circumstances? What are the pros and cons? What are the options for people who already made such costly mistakes? We are going to run a series of articles over the next few months discussing these topics.
Despite the uncertainty looming over our heads, there is light at the end of the tunnel. Things are getting better slowly but steadily, of course not as quickly as we want them to be. First time since 2009, the inventories are getting lower than the demand. In some high-end markets, I would dare say that it has already turned the corner to a seller’s market again. Short sales have slowed down, while the foreclosures are still flooding certain segments of the market.
After seeing many of our friends’ dream homes turn into one of their worst nightmares, some of us might still wonder if it is worth buying real estate anymore. For many generations of Americans, homes were considered their nest egg until this disaster. Many people keep asking me the same question, “Is real estate still a safe bet?” My answer is an unequivocal “Yes,” as long as they stick to the basics.
Why are we here? What went wrong? According to various reliable sources, roughly more than four million families lost their homes to foreclosure since this debacle and some predict the trend may continue till 2016. Many Americans sunk their entire life savings into this over-bloated real estate.
Growing up, I remember hearing stories in my home town about people losing their homes, and farms to card games. Well, we all played poker and stead of chips we used real estate. What I am going to discuss is not playing poker with real estate, but investing well with set long-term goals. Of course, hindsight is 20/20, and there is no point crying over spilled milk. The market is what it is. So, let’s embrace it and move forward. There are several ways you can still get ahead by making the right decisions.
Let’s discuss why I still think your home is your best long-term investment with a good rate of return, in my next article. For now, let me leave you all with some real estate. Enjoy and see you next time . . .
The Devil, as usual was busy recruiting people to hell and stumbles upon a real estate office. A new agent, in his eagerness to sell something and make a quick buck starts off his spiel on how great the local real estate was. The Devil says to him, “Look Mr. Agent, I am the Devil. I see you are new to this field and eager to make a buck. So, let me make you an offer. I will make you the richest Realtor in this neighborhood. You can make great deals, with great commissions.” The agent couldn’t believe his luck, but with some suspicion he asks The Devil, “What’s the catch?” The Devil replies, “Well, you need to sell your soul to me forever. It’s not just you, but your kids, grand kids and great grand kids as well.”
The agent looks at the Devil and says, “I still don’t understand, but what’s the Catch?”
Disclaimer: Every real estate deal is unique in its own right, despite many similarities discussed in these articles. Hence, the author strongly advises that the readers should seek professional help from a Licensed Real Estate Agent who is well versed with their area to handle their specific situation, and not apply these articles directly to their situation on their own. This article is purely for educational and entertainment purposes only.
Sam Vijay Matcha, Century 21 Beggins Enterprises, can be reached at (727) 515-9460 or e-mail [email protected]