In 2007 the real estate market was at it's peek. Anybody could get a loan and buy a new home. People were buying real estate with no money down and little money in the bank because the real estate market would always increase in value. It was a no brainer, buy and sell, make a profit in a year. Easy.
Fast forward to September of 2008: Banks are panicking, congress is an upheaval, and it looks like the housing market is on a downward spiral. Foreclosures, short sales, no money to lend, ARM's, bad credit, good credit, perfect credit, bailouts, recession, depression, NO MONEY TO LEND. These phrases became common place in daily conversations.
The no brainer of 2007 became the nightmare of the 2008 housing market collapse. Is it time to start looking forward again? Is the worst behind us?
I think so, and here's why.
Pain brings learning, you get hurt, you learn from it. It's a process we all go through, and have been since our inception. Don't touch, it's hot. Look both ways when crossing the street. These basic learning concepts we were taught at a young age are exactly the same as what we learned in the housing collapse. It's a thought process, a process that was lost in the last 10 years, but has now caught up to us.
Can I afford this home? What are the consequences of my actions? Is buying a house an investment, or a place to raise my family? These questions, and more, are the learning process rearing it's head again. And that's a good thing.
I like where we are at today in the real estate market. Why? Because we are back to the thought process that will protect us. We think now, we use our logic, and we act accordingly. I am a real estate agent, and I am proud of my clients. They think hard, they weigh in on the consequences, they ask questions, they get educated, and if it's not the right time, then so be it.
This is the new real estate market, and it's here to stay. As long as someone remembers 2008 and the way the housing market collapsed, we will be ok. We will be smarter, we will make better choices, and we will weigh the consequences.
The new real estate market is full of smart consumers educated in all aspects of their purchase, and prepared properly to purchase real estate that is affordable and within their means.
Welcome to the new real estate market: The Smart Market. A lot of people have suffered from the collapse, but it's also brought to light the effects of making rash decisions. People are being smarter with their money and making more informed decisions when it comes to the largest purchase most will ever make in their lives.
Lisa Udy is a local Logan UT Real Estate agent who specializes in helping buyers and sellers, and is one of the top agents in Northern Utah. If you have questions about the Northern Utah real estate market feel free to contact Lisa.
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