Americans are going to be in for a change, like it or lump it.
“It’s a wonderful time to buy! Home prices are low as are interest rates!”
“BUY, BUY, BUY…the market will come back…..you’ll get a bargain…”
This is what I have been reading and hearing from just about every real estate blog and agent I encounter. “Yeah, sure…” is what I am really thinking.
In case they have been living in a cave, the news is….
Americans are afraid. The United States is in a horrid state of economic times. Most Americans are wondering if they will have money for food and basic shelter. Buying a home is the last of their worries!
I foresee that Americans will reevaluate and be forced to make some tough decisions in the next few years. The current market downfall could have easily been predicted. It was led by greed. Greed of mortgage brokers, lenders, real estate agents, home buyers, and sellers. In fact, just about everyone involved in the real estate industry.
But there is a brighter future ahead….
- We will soon see people saving for their first home. The first home will be a starter home. It will not be a 4,000 square foot home filled with expensive furniture. It will be a home that you need to put some sweat equity in. A home you will raise your kids in. Then, as you grow older, save money, and advance in life with hard work, you will sell your home and move onto a bigger one. Or, perhaps, hand this home down to your children….
- Home loans will be earned and not given out like candy. Lenders and consumers both will be held accountable for loans.
- Hopefully, a sense of entitlement will become nonexistent. Taking personal responsibility is a wonderful thing!
The old saying that my grandfather often shared rings true: “You made your grave, now lie in it.” All Americans are currently doing this in one form or another.