National news reports it. Foreclosure statistics illustrate it. Our local coffee shops buzz with it. “We are living in dire times.” This is true for many folks who live in our community, and we should never forget our neighbors who are struggling. In addition, those of us who have peacefully weathered recent financial storms should not choose to become reckless now.
For the fortunate among us, who have passed through the storm and are looking to sell or purchase a home in Eugene, this is an excellent time to make that move. Rather than allowing ourselves to be influenced by the reports of our national economy, we should each ask ourselves a question: “How Am I Doing?” By carefully assessing our personal financial situation, not focusing on the fearful statements of others, we can understand that which is important to us, individually.
If you are considering selling a home you’ve owned for some time, you most likely have substantial equity in the property. While you may need to ask less for the property than you would have during the real estate boom of 5 – 10 years ago, take advantage of that additional equity to make up for the difference in your home’s current value. Is it in your best interest to wait and see if real estate will return to those former boom-prices when you can move forward and live your dreams now?
Financially secure buyers also have an advantage in today’s real estate market. Mortgage rates are at an all-time low. Home prices remain affordable. Should we focus on a plant closing in another part of the country when an assessment of our personal finances tells us we are in a strong economic position to buy a home now?
It is our own financial circumstances that should determine if we are in a position to buy or sell a home in the Eugene area. While national and local news is important to us, we should always act in a responsible way that makes personal and positive sense to our own lives.