Lessons We Can Learn From the Recession

As a homeowner are you worried about the value of your home? As an investor are you wondering how to know the best time to buy and the best time to sell? With recession still in the air and moving out slower then most people would have predicted, all property owners are pensive about the future.

I recently read an article on Inman News called "5 bright spots in real estate recession". While he refers to these trends as 'bright spots' I see it more as lessons for all property owners to take to heart and learn from.

1. People now buy for the long term.
Don't take a short-term view of the investment property you purchase or your primary residence. Keep your properties for a longer period of time then in the past.

2. Dysfunctional properties are being weeded out and creatively reused.Investors in real estate need to look at taking dysfunctional properties and turning them into something useful for the community.

3. American housing stock is getting an energy-efficient upgrade.
Instead of moving to a newer home check out upgrading your home with more energy efficient water heaters, doors and windows.

4. People are making more responsible mortgage decisions and building financial good habits in the process.
If you are in the market to purchase property plan ahead by saving money for a down payment , keep your credit good so that you have a good FICO score and can get the best loan. Once you do get your loan, read your loan documents carefully and use a REALTOR® to help you get the best price for the property and have someone knowledgeable on your side that's working for your best interest. Something you may not know, Landmark REALTORS® offer free buyer representation.

5. Our feelings about debt and equity have been reformed.
Don't refinance to pull out money to pay off other debts or buy other items you want. Let your equity in your home just build up, otherwise you will get caught up in overspending. Concentrate on paying your principal down to avoid being upside down on your mortgage.

If you have questions about purchasing or selling a property for your personal residence or for an investment call our knowledgeable REALTORS® at Landmark Group at 402.55.8111 and they can help you navigate through the process, or check out our website at http://landmarkomaha.com for more real estate information.