Hello and welcome to my blog. I will be posting my impressions of the real estate market on a regular basis. Hopefully the topics will be of interest to you. If you have questions for me, please ask.
THE STATE OF REAL ESTATE: YOUR GOOD HEALTH
Of course everyone is concerned about the value of real estate. Current homeowners have seen their properties decrease in value and potential home buyers worry about buying a home, only to see the value of their home decrease almost immediately. These are very difficult times and point out how uncertain life is overall. We all feel that uncertainty, and it adds to the tension of everyday life.
And tension is what I want to talk about. The media are in the business of providing news to us and let's face it, bad news is "newsier" than good news. But remember, writers are trained to be skeptical and so they're much more comfortable sowing how bad things are.
I'm not going to say that the news isn't sorry. But I will say that letting it take over your life is worse. If you are constantly worried about your home's value, if you're having more headaches, if the joy of home ownership is not quite what it was, you know you're tense. And that is definitely not the way to live your life.
"So what can I do?" you ask? Well that very question is the first step in dealing with your fears. Often times when you face the monster directly, it just doesn't seem quite as bad as you thought.
DO YOU KNOW WHAT YOUR HOUSE IS WORTH? Find out! Most brokers will gladly provide you with a professional market analysis, even when you tell them you have no intention of selling right now. It's part of the way the industry works. So find out what your house is worth. You might find that it's not as bad as you thought. You might also find that it's lower than you thought. But that's reality, whether you know it or not. You're in a much better position to take emergency action if you know the truth.
DO YOU HAVE TO MOVE? Let's say you do have to move and your house is worth less than what you owe. Then what you'll be dealing with is a "Short Sale." You can still list your property for sale and, once you've got an acceptable offer, you then will need to negotiate with your bank to get them to agree to the lower price. But you're not alone. There are attorneys who specialize in that type of negotions on your behalf. I know one who is superb at what she does. If you'd like a referral, let me know.
YOU DON'T HAVE TO MOVE...If you're making your mortgage payments on time then just keep making them on time. Whatever you do, don't be late. Stop your premium cable tv channels, drop your cellphone, make lots of soup, but don't be late with your mortgage payment.
But you're very uncomfortable with how your equity has vanished? This is the situation where you have to try to stay calm. Over time the value will return. No one can say how quickly, And this is also a time to utilize traditional methods of stress reduction.
Exercise is one of the best methods for stress reduction. Can't afford a gym? Well, buy a small set of dumbbells (utilize Craig's List and similar websites to search for them). Get up a half hour early and walk up and down your own street. Sing out loud with the radio blaring. You won't be able to hear yourself, and it is fun. Matter of fact, dance to the music. It's great for the soul and for your heart.
Do something for someone less fortunate than yourself! I mean it! Go visit people at a nursing home. You don't need to know anyone there. Just go from room to room and say hello. Or call your local grammar school and offer to read to the children one day a week. Coach a ball team. Offer to groom your neighbor's dog. Do something. Anything. As long as it's for someone else, and you do it with no pre-conditions for the other person, you will feel a reduction in your stress.
Best Wishes,
Rita