What Is A Seller To Do?
June 10th, 2009 . by Jon ModeneBad news follows bad news. (GM is gone, FIAT buys Jeep!, and rates are up).
Followed by more bad news.
What can a motivated seller do?
I had meetings today with many potential clients.
And they all asked me “THE QUESTION”.
(Well, actually it is one of two “The Questions” that you always hear as a Realtor, the other one being “How Long Will It Take To Sell My Home.” That is the OTHER “the question”.)
What was “THE QUESTION”?
Here it is: “When Will The Market Turn Around?”
That is THE question of day and the hour and the year.
When?
Since I approach my work from a consultative, educational mindset I try to NOT dogmatically answer “THE QUESTION”.
Rather I try to help every home owner come to the right answer with some guidance.
“Why does it matter?”
“Since no one knows, and I don’t know, how does that information effect your position?”
“It might get worse if we don’t stop destroying jobs and spending our nation into oblivion!”
There is not a simple answer.
But today, in meeting with a diverse range of potential clients, I can tell you that irrespective of WHEN and IF the local market comes back, the wisest thing for any homeowner to do is to cut their spending, cut up their credit cards, cut back on their luxury purchases, and prepare and live as if the market is NEVER coming back.
Because it might, in fact, get worse.
And as I observe this nascent government – if it gets worse, they are going to subsidize buyers more, subsidize interest rates, subsidize payments, etc.
And just like they are destroying the automobile industry, they might harm the residential real estate market EVEN MORE than it has been hurt already.
