The Biggest Threat to This Real Estate Market is Uncertainty!
Right now we have a Real Estate Market full of people that look like deer in the head lights. Some of us agents look the same way to. I am not criticizing anyone. Things are happening fast and the rules seem to change day by day. Many of the rule changes bring about unintended consequences which further complicate the issues.
In any market there is always and element of risk and uncertainty. Risk and a willingness to take risk are good things; it has what helped make this country great. Usually taking risk involves some knowledge or attempted discernment of markets and economic trends.
The problem is in this market no one can tell what will happen tomorrow. NO MATTER WHAT YOU THINK SHOULD HAPPEN OR BE DONE, you do not know what will happen or will be done. Once you know, agree or disagree you can begin to move on.
Much of these problems of course is rapid and not fully thought out decisions being made at the National Level and applied like a blanket across the nation.
The President was going to provide a plan to bailout nine million homeowners. Agree or disagree, if it was done we could know it and get on with life. Others say the we have millions of foreclosures coming; well if they are coming and we knew that we could plan and deal with it. Many would say it is best to let the market take it's course. But right now we have a big problem in the country and we are like the man with one foot on the dock on the other on the boat; we have got to go one way or another. Neither option is good, but trying to stradle the issue will only make it worse.
Right now everyone is waiting on Washington to do a number of things:
- Decide the future or the First Time Home Buyers Tax Credit, expand it, extend it, or let it go.
- Speed up and ease up Short Sales.
- What is the government going to do about the credit/money supply for home purchases?
- How long will they keep interest rates artificially low?
I am sure there are many other issues. We will never take the government out of the equation; but the more government there is involved on a regular basis the harder it will be to make informed decisions. There are some things I might not agree with but feel we are already on the path and turning back now would even be worse.
I do think those buying now and taking risk are wise and will win out in the long run.
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