A Random Thought...
24 04, 10 Filed in: Real Estate | Financing
Forget the Cheese, just get me out of the trap…
That saying seems to apply to more situations these days that we would like to admit, and particularly to homeowners with “upside-down/underwater” mortgages.
Mortgages and other over-commitments are putting pressure on people across the globe.
Highlands and the surrounding areas are not immune to the increasing need for cash.
One of the local chuckles over the years is that there have been three lines of investment thought: The Dow, NASDAQ and Highlands. It has always seemed, and rightly so, as if Highlands was a sure bet when it came to realizing a profit, but our over-heated real estate market has come to a time of correction.
What we as sellers of Highlands real estate must admit is :
#1 Future need or desire does not affect current value. Just because we want to retire with a million dollars, does not make our “investment” in Highlands worth a million.
#2 There are bank foreclosures and short sales on the market and every buyer wants the best deal available (you would, wouldn’t you?) Therefore, if you have competition in your market from a REPO or “short” sale, you must offer the better deal – otherwise be prepared to wait until all the “sales” are sold.
#3 Second and third homes are luxury items for most. But, just like primary homes, over the past decade that luxury was made available to many. That leap of faith probably should have not have been taken by some.
Has the bottom fallen out as it has in numerous other communities across the country? – NO.
Are there still buyers for real estate in Highlands? - YES
Thankfully Highlands is a very unique environment, and what made us so desirable for so many years has not changed. Unlike other markets that are affected by business swings and industry changes, Highlands is graced by its unchangeable altitude, limited availability, change of seasons and gracious people – all four of which are in great demand by those who live almost anywhere else.
A quick take on the title of a book called I Don’t Want Any More Cheese, I Just Want Out of the Trap by Richard Templar.