UNCERTAIN TIMES

10.6.08

The last couple of weeks have wreaked havoc for the real estate markets, nationally and locally. The record stock market decline last week caused a number of interesting deals to be interrupted, or fall completely apart. More uncertainty will be forthcoming.

My last two columns discussed other aspects of this period. Most of their content is still valid, however the "schedule" of activity will change and probably lengthen.

Despite all this, there is a core "body" of people who have plans on purchasing and moving this way. Their intentions, as well as an ability to buy, are totally unrelated to the current financial trauma hitting many, although they are feeling an adjustment of wealth.

Sellers are those that suffer the most during this period. Buyers are armed with lots of news about how they should be buying low; sellers are seeing a potential loss of real equity and profit for anything purchased within the last 36 months. Even longer holdings are seeing a re-adjustment of market value, which may last for as long as 2 or more years, in my view.

Most of us will get through it and a new market era will begin for many owners in our local marketing area.

Last weekend saw a bustle of activity in Salisbury and Cornwall. The Fall colors peaked, right on schedule, thanks to a few cold nights which brought the reds, oranges, and yellows into full "bloom". How beautiful!


©2008 R. Leech features.