As I thought about today's blog, I looked for something positive to write about in the real estate world. I didn't find anything. There were a few sensational items about the developer's default of a $41M loan on the Glen. I also found an article about the highest price foreclosure in the Chicagoland area. For those who are interested it's a $16M loan default on a 400 plus acre horse farm in the Barrington area.
These items and many more like them, paint a bleak portrait of the real estate landscape. All the news is bad: the large amount on some defaulted loans make individual foreclosures appear insignificant. The sheer volume of failed developments including many in our own area take away our ability to feel for the individual homeowners who are facing foreclosure. If you are looking to buy some property now, this type of news makes it easier to take on a "shark" mentality. It allows us to view all property for sale as distressed. Low balls offers are the norm, if you are lucky to receive one at all.
But the truth is that not all the news is bad. Bravo to the NAR for attempting to provide the media with another perspective on the housing market. Although, we can argue that this is self-serving, so what? If there is some good news on the horizon, or positive trends, then let the NAR say it. After all, they certainly contributed to the slump that we are in, with their convincing arguments that "your home is your piggybank", "real estate will continue to rise" and other messages that persuaded people to buy homes that they couldn't afford. I'm all for letting them lead us out of this current mindset.
Tomorrow: not all homes for sale are distressed!
Summer is creeping it ways towards us. Are you ready?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment