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Actually, some us (including me) work in real estate full time. Some of us (including me) do not need to depend on real estate as an income. Some of us (including me) do this for the pleasure of helping others and are not looking for the almighty dollar.
Actually, some us (including me) work in real estate full time. Some of us (including me) do not need to depend on real estate as an income. Some of us (including me) do this for the pleasure of helping others and are not looking for the almighty dollar.
Are you included in that statement?
Good for you that you've found a job that you enjoy, while not having to rely on it for income. Unfortunately, most people in the U.S. are dependent on their jobs. I forget where I read it, but apparently most Americans are a few paychecks away from being homeless. And I don't doubt it.
Scone - your absolutely correct, the projections for loan default is scary. I know there is a growing number of people that, like you, see a dire future.
Even before deciding to work in real estate I've been optimistic. My wife calls me a dam polyanna. I hope for good to come from bad.
While many people are struggling with declining home values, in my little corner of the world. Some are accepting the new realty and adjusting their asking price. This is giving those with a desire to retire to the sunshine state the opportunity to find affordable property.
Each time a property transaction occurs and an unoccupied house becomes someones home. Local businesses have a new customer and the economy chugs along.
I'm optimistic that energy prices will fall lower, even though it means that the world economy is probably contracting. Lower gas prices and lower home prices will make more people feel optimistic, plan for the future, instead of hunkering down waiting for things to get worse.
AaronS, did you notice I was included in that statement? I know first hand about being just one paycheck away from disaster myself. I NEVER had extra money. I was fortunate to find a good job at age 30 (I'm not telling my age but I'm not 50 yet!) and socked away a little retirement. Now I can do what I like!
plan for the future, instead of hunkering down waiting for things to get worse.
When the economy is moving into a recession the best thing to do is "hunker down". If you ignore the directions in the market (stocks, housing etc) and just feel optimistic about the future you are likely to become a bag holder. In other words you will lose a lot of money.
Our son & his partner are taking a job transfer from TX to San Fransisco. They've said the homes they looked at a year or so ago that would have cost them $800k are now down to $500 which is now affordable for them. Previously home ownership would have been out of the question.
This means that more properties are coming on the market, because many foreclosing filings in my area are from homes that were never on the market and have been either rented out or people just live for free without even trying to do a short sale. This might be a local thing, but IMO it makes my offers not go up and IMO the bottom is still not reached.
Scone - your absolutely correct, the projections for loan default is scary. I know there is a growing number of people that, like you, see a dire future. ... Lower gas prices and lower home prices will make more people feel optimistic, plan for the future, instead of hunkering down waiting for things to get worse.
I actually think it's important for agents to stay positive (but without spin), because some of the velocity is caused by rising negative sentiment alone. To the extent agents can counter irrational fear, it helps to lower the odds of a panic, and that's a social good I can get behind. So please, fight the good fight and help calm the waters.
As for me, I'm hunkered in the bunker. For the first time in my life, and I can't believe I'm saying this, I'm thinking about buying gold. I'm thinking about a global recession, a la Roubini. Please let me be wrong.
I actually think it's important for agents to stay positive (but without spin), because some of the velocity is caused by rising negative sentiment alone. To the extent agents can counter irrational fear, it helps to lower the odds of a panic, and that's a social good I can get behind. So please, fight the good fight and help calm the waters.
As for me, I'm hunkered in the bunker. For the first time in my life, and I can't believe I'm saying this, I'm thinking about buying gold. I'm thinking about a global recession, a la Roubini. Please let me be wrong.
I don't know... but even if I were to "hunker" down... and still want to do "social" good... I'd put money in the bank in a high yielding CD, or something else that would keep money flowing in the economy. It's the flow of money/credit that keeps economies moving (at least that money can be loaned out for a business for economic growth, or to a person who want's to buy a house... also contributing to economic growth).
I don't think Gold does anything to help society or the economy and may/may not even appreciate.... I'd feel pretty sad if I bought it for 1k... when it has dropped 20% since.
I don't know... but even if I were to "hunker" down... and still want to do "social" good... I'd put money in the bank in a high yielding CD, or something else that would keep money flowing in the economy.
That's what I'm doing now. I'm essentially betting the FDIC doesn't get overwhelmed.
Quote:
I don't think Gold does anything to help society or the economy and may/may not even appreciate.... I'd feel pretty sad if I bought it for 1k... when it has dropped 20% since.
-chuck22b
It's the drop that's tempting me.
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I know first hand about being just one paycheck away from disaster myself. I NEVER had extra money. I was fortunate to find a good job at age 30 (I'm not telling my age but I'm not 50 yet!) and socked away a little retirement. Now I can do what I like!
Good comes from bad.
