Looking Forward

Many different elements will come into play regarding the recovery, and how long it takes. Like improving your physical health, improving the health of the economy and of the real estate industry takes many different improvements in many areas. We need to address the mortgage and home building industry practices and the many pending foreclosures, re-assess interest rate manipulation, and consider ideas to assist and reward our hard working teachers, government employees, and service sector workers with assistance to purchase a home.

In addition the overall economy needs help; our huge national debt, and huge financial and emotional commitment to the mid-east conflicts must be addressed. We must make the bleeding stop. No matter any one's politics, if you view the country's financial and emotional abilities the way you view your households assets and capabilities, you know there is a limit.

There is promise in the idea of closing the gap on the affordability index, and I am not alone."A previously robust housing market has produced an increase in the supply of available housing," Crist said. "However, the cost of these homes is still beyond the reach of many Floridians. Crist said his proposal would provide 3,000 new home-buyers with $10,000 in down payment and closing cost assistance and loans at one-quarter point lower than market rates. "We must re-stimulate Florida's housing market and help Floridians achieve home ownership."

Regarding the past as it pertains to the future - we need to learn our lesson of easy money, greed, and of things that are too good to be true. Early on in the housing downturn, experts were referring to a "market adjustment". We are having more of an awakening and a reckoning. The interest rates were propped up artificially for too long, and the greed was rampant, even embraced and admired. No longer. I think we need more than "get real" pricing; we need "get real" attitudes. Real estate for most is a long term investment, always has been and always will. Flipping properties at low interest rates is not healthy for the economy when it is the hobby in vogue.

What can individuals do? It is to the benefit of the entire community that sellers, buyers, and real estate professionals work to reduce the inventory - whether it is by taking your property off the market, or by taking advantage of today's prices and purchasing a property for long term appreciation (no more flips!), or by the Realtor and seller getting real and putting the real selling price on real estate. If you are thinking of selling and can wait, then do.

The market in Tallahassee "chugs along" and will continue to do so. Real Estate is a good investment - if you have money to invest do. If you are buying a new home you will be looking at value. North Florida is a great place to invest - it is relatively undiscovered even today.

After we weather the "market adjustment" we need to be cautious and responsible in our real estate endeavors. Forward thinking industry movers and shakers will be looking at what will sell in the future: Affordable and smart homes, not just affordable to buy but to maintain, will be in demand. And as an overlap on affordable to maintain; green homes and green communities will be what the future embraces - that cost less to maintain in money, and less stress on the environment and community.

Let's "get real" for tough times ahead, and for a market that adjusts in many ways. Le's get a vision of the future real estate industry as healthy and fair and good for the community, and make it happen.