We all know that the real estate industry is in turmoil. The credit market is tight and is inhibiting homebuyers. Home values have declined for several years and sellers cannot afford to sell. We are stagnating and consumer confidence is at an all time low.
So, what will kick start the industry and get it moving? Will the economic Obama stimulus package provide the benefits the Federal government has indicated? Will financial markets recover? Will homes start appreciating again? Will we all have jobs?
This is what we are all asking ourselves, but what do we do while we are waiting for everything to take effect? Well, take care of what you can and hope for the best for the rest.
We need to change our expectations. We will not be able to buy a new car every few years. Forget that 42″ flat panel TV. Do you really need to go out to dinner again this month? You are planning on retiring at 55, really?
We can change our habits. Save your money. We can save for the next rainy day because we are already in this one. We better learn this lesson now. Make your expectations realistic and do not live beyond your means. Continue reading this post