Fear and Desire
February 26, 2009
The two emotions that drive the housing market are reputed to be "fear" and "desire". If you read the media or listen to the media, you are aware that favorite words are "fear" and dread". So what has happened to desire? What is the "desire" that motivates folks to purchase a home?
If you have suggestions, click the comment button and input your ideas. In the meantime, here are a few "desires" that have motivated my Buyers and Sellers.
1. Sellers have reached a point where the maintenance and size of their property is greater than they want. (Downsizing)
2. Sellers have outgrown their present home and want a larger one.
3. Buyers want or need a larger home. (New baby or parents coming to live with them.)
4. Sellers for job reasons or family reasons need to move to another city.
5. Buyers have new employment in our areas (Transfers and Relocators)
6. Buyers have been renters and want to have a place of their own.
These are just a few of the situations that fuel the "desire" to purchase real estate. At one time, the "desire" included building future equity by paying on a mortgage rather than paying rent to a landlord. The "desire" included having a space that you could call your own. Somewhere in the 20th century, the "desire" that infiltrated home ownership became "making money". Your home became primarily a wealth generator. Hence, the cyclical economic downturns focused on the money you lost when the value of your home declined and "fear" took hold of the real estate market.
If anyone has a "desire" to own a home, certainly now is the time to explore the real estate market. Prices have declined to a point where your mortgage payment may likely be less than the rent you are paying. Contrary to the media spin, loans are available. If you have good credit and enough cash to put 3.5% down and pay approximately another 2% in closing costs, this market is a bonanza for you! If the house is right for you and meets your need list and perhaps your want list, don't let the "fear" that prices might drop further, inhibit your decision to buy. Think, prices might stabilize and rise and "fear" would have prevented you from owning a home.
The two emotions that drive the housing market are reputed to be "fear" and "desire". If you read the media or listen to the media, you are aware that favorite words are "fear" and dread". So what has happened to desire? What is the "desire" that motivates folks to purchase a home?
If you have suggestions, click the comment button and input your ideas. In the meantime, here are a few "desires" that have motivated my Buyers and Sellers.
1. Sellers have reached a point where the maintenance and size of their property is greater than they want. (Downsizing)
2. Sellers have outgrown their present home and want a larger one.
3. Buyers want or need a larger home. (New baby or parents coming to live with them.)
4. Sellers for job reasons or family reasons need to move to another city.
5. Buyers have new employment in our areas (Transfers and Relocators)
6. Buyers have been renters and want to have a place of their own.
These are just a few of the situations that fuel the "desire" to purchase real estate. At one time, the "desire" included building future equity by paying on a mortgage rather than paying rent to a landlord. The "desire" included having a space that you could call your own. Somewhere in the 20th century, the "desire" that infiltrated home ownership became "making money". Your home became primarily a wealth generator. Hence, the cyclical economic downturns focused on the money you lost when the value of your home declined and "fear" took hold of the real estate market.
If anyone has a "desire" to own a home, certainly now is the time to explore the real estate market. Prices have declined to a point where your mortgage payment may likely be less than the rent you are paying. Contrary to the media spin, loans are available. If you have good credit and enough cash to put 3.5% down and pay approximately another 2% in closing costs, this market is a bonanza for you! If the house is right for you and meets your need list and perhaps your want list, don't let the "fear" that prices might drop further, inhibit your decision to buy. Think, prices might stabilize and rise and "fear" would have prevented you from owning a home.
posted by shirley harry at 8:00 AM
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