DECISION TIME?

8.23.07

The turmoil in the financial markets continues although the Fed is trying to calm some aspects of it with money injections and interest rate moderation. This turmoil has affected a significant number of people in the industry and caused nervousness amongst some of them with respect to contemplated or pending real estate purchases or sales.

The effect on the real estate market is directly related to individuals’ personal situations, and that takes many paths, but it is not cause for wholesale panic, at least in my opinion. Some sellers NEED to sell and are acting appropriately; others don’t, and are therefore not interested in reacting to buyers hoping for an (extraordinary) buy opportunity.

Communication with your agent, if selling, is crucial to getting your property sold if time is important to you in this regard. If you have no urgency to sell, be very clear on that too, so your agent does not misinform buyers who might only have an interest in your property at an unacceptable price level, to you.

As we approach the end of August, a deadline for some pre-pay oil plans, I am sticking with my earlier comment in not taking a pre-pay plan this year, at least at the levels offered. There really is no way to know how it will pan out this year, but unless we have a really cold winter, I believe that there should not be any significant price spikes.

©2007 R Leech features