Last Sunday, I was sitting in church listening to my pastor teach about how we should respond to trouble in our lives. He outlined 3 responses to trouble...REJOICE...REQUEST... RELAX. (You may be wondering how this relates to the real estate market. IF SO...give me a second, and I'll connect the dots!)
As I was listening intently (SEE...PASTOR DON...I DO LISTEN TO YOU!)...I could not help but think about how his message could be applied to the troubled times we are now facing in the world of real estate. These days, it seems that everyone is talking about interest rates and home values. You cannot leave your home without overhearing a conversation about how bad our market is now...about the latest bank or mortgage company that went out of business...about how hard it is to find financing for a new home. People are worried...really worried...really, really worried. 
Truthfully, many professionals in this industry are really worried also. I have close friends who are leaving the real estate business after ten successful years in business. I have another friend and business associate who was the top loan officer in his company last year. A few weeks ago, he walked into work one morning and learned that the company had gone under...without even a hint of warning. In one day, he went from the top of his profession to unemployed.
IS THE REAL ESTATE MARKET IN TROUBLE?
HOW WILL THIS TROUBLE IMPACT YOUR LIFE?
Isn't that really what you want to know..."HOW WILL THIS TROUBLE IMPACT ME?"
I'm so glad you asked!!!
The real estate market cycles...it always has...it always will. It has ups and downs...good times and bad. Right now...we are coming out of one of the strongest markets in history. In other words, we've had a ‘good run of it'. In fact, it has been so good for so long that many of us have forgotten that what goes up must also come down. It is time for the market to adjust itself.
In my title, I say that ‘It's just a matter of perspective!' (Back to Pastor Don's message...) Think about it...when the market is strong (as it has been for years now), the sellers are the ones who have the advantage. So...if a strong market is advantagious for sellers...it must be disadvantagious for buyers...RIGHT? IF that is true...then it must mean that a weaker market is advantagious for buyers.
IF YOU NEED TO BUY A HOME...THIS IS YOUR TIME! This is a buyers' market, and there is plenty of inventory from which to choose. Let me share a perfect example...
I have a client with whom I've been working for a long time. She is a first time home buyer utilizing some of the many financing options and assistance available exclusively to first time home buyers. We went under contract for a townhome near the end of July. It was scheduled to close at the end of August, but the bank denied her loan. Instead of giving up, we sought another lender and learned that she was qualified...but for $9500 less than the contract price of the townhome. Knowing how much she wanted that townhome, I presented her situation to the listing agent and asked if the seller would be willing to accept $9500 less for the home. Miraculously, he agreed. We successfully closed that transaction in September. She had $9500 instant equity at closing!!! For this client...THIS WAS A GREAT TIME TO BUY A HOME!!!
Pastor Don ended his message with these words..."Problems in life are inevitable. Misery is optional. It is a matter of perspective." James 1:2 says, "...when troubles come, consider it an opportunity for great joy."
IF YOU ARE THINKING ABOUT SELLING YOUR HOME...THE NEWS IS NOT ALL BAD FOR YOU EITHER.
COME BACK TOMORROW FOR PART TWO...FOR SELLERS ONLY!!!
OF COURSE, IF YOU ARE PLANNING TO BUY OR SELL...OR KNOW SOMEONE WHO IS...I KNOW A GREAT REALTOR®!!!
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR® -- The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
Visit our website at http://www.elizabethnieves.com
Elizabeth - This is among my favorite posts for this week. You make a very strong point here. As you mentioned, it's all relative. It sounds like a great sermon as well. Have a terrific Monday!
Missy: I'll look forward to that post. I'm anxious to hear a pastor's perspective. GBY!
Gary: EXACTLY!! It is OUR choice. Blessings!!
Robert: Yuppers...and it can even be adventuresome...if we accept the challenge. GBY!
Jason: THANKS, my friend! It was a GREAT sermon!! Pastor Don rocks!! Have a beautiful and blessed Monday also!
Josette: I know exactly what you are saying. People like the headlines that announce gloom and doom. NOT HERE, BUDDY!! Not here. Blessings!!
Elizabeth, Thank you for your perspective! People are always asking me about the market and my standard answer is, "it's all good here." It is what we as individuals make of it. Remember the cloud with the silver lining? We just have to be a bit more creative in our approach to the situation. This is a wonderful blog. Deb
Elizabeth - The market is tough and there is no question that it has shaken a few boots of some of my fellow associates and myself. With such great posts like this and others here in the rain make me just know that I can do this! Attitude is a choice, finding solutions is a choice, making lemonade is a choice! I choose to R, R & R!! -- I have this posted near my desk--
Adjusting our attitude, expressing our positive attitude and rejoice, request & relax!!
Alecia: You got it, my friend!! And...that really is the clearest vision of all. GBY!
Candace: R,R & R!!!!! All the way, girlie!!! I love that quote! It is so true. Attitude will carry you anywhere you choose to go. You are amazing! Te amo, mija!
Elizabeth, may your positive attitude be contagious and spread throughout the country, infecting one and all! You do SO lift my spirits!
There is good news out there, we just need to find it beneath the scary headlines and preach it like you do!
Gayle: Your comment is so true. We got spoiled during the good times...and it is hard to go backwards. However, it is important to realize how many people don't have the opportunity to make the kind of money that we were all making during the good times. I feel so blessed. YES...the past year has been slow..but I've not gone without anything. God is faithful! GBY!
Julie: You are also always very positive...is what I love about YOU! I suppose it is the glue that bonds us together. I do think that 2008 is going to be a great year...and it is wise to use this time to prepare. I heard a story recently...about two farmers who prayed for rain. Only one farmer actually planted his seed. Which farmer actually had faith? It is the same with us. IF we don't plant...we can't reap a harvest. Even when things are slow...we need to be planning for the bountiful harvest. Is just how I see it, my friend! Luv ya MUCH!!
Curt: EXACTLY ! So many buyers are on the fence right now. They can't see the opportunity in front of them. One buyer asked me why he should not wait for more foreclosures to come on the market. I told him that ...with a smart agent (me, of course!) he could pick up a non-foreclosure resale for a foreclosure price. He listened and we are negotiating a great deal right now. He needs a home now. Why wait for something that may or may not ever appear? Thanks for reading and commenting! :-)
Yea it's all in how you look at it. it also helps to salt something away during the fun times so we can eat during the not-so-fun times!
Good post!
Armando: VERY TRUE! It is just that we often don't think that the ride will ever end. When it does, we are so shocked. But..the lessons we learn now will help us next time around. GBY!
Pat: My pastor rocks!! He is like a brother to me, as he and I grew up together. It is cool to have a pastor who is also a best friend.
One thing is for sure, Pat. If God called you to it...HE will take care of you in it. He does not call us out onto limbs and leave us hanging. GBY!!
Elizabeth,
Some great points here. The market goes in cycles, always did.... always will and as you say.... if its good for sellers in a good market, its good for buyers in a down market. You have to put it all in perspective. As in most things in life.... you have to take it in perspective.
By the way.... great picture of Bryce Canyon. Was there about 20 years ago and loved it!
Oh, I just love your posts....I seem to gravitate here for inspiration!
That book deal is sounding real good for us! :)
Roberta: Thanks so much! That was a sweet ending to a long and difficult story. God was watching out for us! :-)
Bill: I'm absolutely serious about the book. Just say 'WHEN'!!! And...THANKS!! The fact that I can inspire you...well...makes me happy, my friend!
Such as a man thinks in his heart, so is he/her......
Profound post, sis!!
Featured!!
=-)