Hackney's Houses

I made a mistake.  I admit it, but curiosity got the best of me and I visited the "forum" section of a couple local newspaper articles on Real Estate.  What I encountered was actually a bit shocking for me, but I guess gave me some insight as to what people are thinking. 

You must take these things with a grain of salt because they are essentially anonymous and you have no idea if it is a true depiction of what people are thinking.  No matter...it did raise my eyebrows.

Some of what I read:

• You'd be an idiot to buy now
• The housing situation is the real estate agents' fault
• Because of Bellingham's median income, you can't buy here
• If a first time buyer buys now they will crumble in the years to come
• Better to wait until prices soften more in a year

Everyone is obviously entitled to their opinion and I do take it as my responsibility to educate my clients, friends, and family with historical facts.  No one has a crystal ball, but we have seen these markets before and the end result.  Based on that,  I personally disagree with the above statements.  The last two bullets do have merit, but not for what they were trying to argue.

• Could a first time buyer "crumble" in the years to come?  Sure, anybody could but it wouldn't be because they bought right now and would undoubtedly have many other substantial factors.  That goes for any market.
• Could prices soften?  Absolutely and I do believe we will see that. BUT the variable we don't know that could have equal if not greater impact are the mortgage rates.  If rates swing rapidly upward, which they can at any moment, a softening of from current pricing will be more detrimental to the buyer.

Our world is ever changing and most people would prefer the subtle changes that we don't really feel.  It's the dramatic swings that affect our emotions the most, so make sure you take the comments you hear and repeat to others with a grain of salt.

We've got to continually remind ourself to look to our history, to our successful "elder"/mentors.

I've said it before, but it has merit here as well...Never in the history of the world has everyone gotten wealthy together, but they have experienced the opposite. 

My last advice....stay away from those Forums!!!!  Yikes.