Today, I was standing in line waiting to finish up my income taxes and a senior citizen came in and began talking to me about how he took a "bite in the britches" with the sale of his home. His definition was $40,000 loss in value. That seems and appears small to those who have taken greater losses but to this senior citizen, it was everything in the world to him. It matters and should matter, but most don't understand how much the market adjustment in real estate really has a snowball effect.
Then I stepped back and and another light bulb went off in my head. That's when I decided to share and teach others out there in the real estate industry, who own a home, to take the lemons and turn them into lemonade.
Granted, you may have lost money in value on your primary residence because you may have bought at the peek of the market and your home really wasn't worth what you paid for it because the comparables hadn't come through at the time you purchased or you could have used your home as an ATM machine to pay off unexpected bills and now you don't have the equity or the value that that appraisal claimed you were worth at the time. Enough said about that.
Let's take the bull by the horns and turn your life around for you. What I am about to tell you isn't really anything new, but it is something that I qualify as a "calculated" risk and that means you know pretty much what you are getting into with the proper guidance of an experienced Realtor who does understand that marketplace.
Helen Keller said that "it is sad when someone has sight but doesn't have the vision." You are the captain of your life. That means that you make the decisions on how well your life will be even with adversities. It's how we respond to those adversities and make them work in our favor.
So, another way to look at the Real Estate Market is not thinking about how much you lost in value, but take advantage of the values that are currently there right now. Granted, you may think this is a crazy idea but it really isn't.
It's called: "being an investor". Someone else lost there home, two flat or condominium and there are a lot of renters out there that are seeking a home. While you may have lost money on your primary resdience, this is the place where you need to consider buying another piece of real estate for investment purposes at a bargain price with a good down payment.
While you lost money (because of inflation or improvements and the economy went south), that doesn't mean you sit on the fencing post complaining about what you lost but what you will gain by investing. See, by investing in another piece of real estate, you will get a great value and property for a fraction of the cost. This in turn, makes up for the doom and gloom that most of you like to swim in because you don't realize there there is a new dawn every day and all we have to do is to seek change.
Helen Keller was on to something. See, when there is no visions, corporations fail. Companies fail. Why? Because they lost or didn't have the vision.
Your call. Your vision. I think it's time we talked.......