It is now the end of June 2007, summer is in full swing, and the California Desert Area real estate market is like a sailboat stuck on a calm ocean with absolutely no wind. The sail boat is going nowhere and the longer it sits there, the worse it might become as the passengers run out of food and water. On the other hand, if the wind picks up, you might be tempted to say that everything will be fine once again.
The truth is, that with so many people sitting on no interest loans or adjustable loans or loans that have balloon payments coming up in a short number of months or years, unless that wind is a gale force that causes home values to increase sharply in the next couple of years, that slow leak on the sailboat is a serious threat to sink the housing market in California. And there are very few economists on the horizon predicting such a gale force wind to once again propel the housing market.
So what is one to do? Open another beer. Seriously. If matters are out of your control, worrying about them is only going to cause you more stress and a heart condition. If you have to sell, lower your asking price until you sell your property California and take your medicine. There aren’t many sellers doing that as of yet, so you will probably be able to beat others to the punch. If you are already under water (the lowered asking price is less than you owe) talk to your lender. They may be willing to work with you and either allow you to do a short sale where they accept the lower selling price in full payment of your loan or accept a payment plan for the difference of what you will still owe. Perhaps you or they can even get more creative than that. Offer to work for them for a year.
If you don’t have to sell, join the rest of the crowd that is simply staying put in their homes, cutting back on other expenses, and have accepted the fact that they won’t be moving to San Diego like they hoped to anytime soon. That annual trip to Vegas? Forget it. Have a buffet at a local restaurant instead. Vegas will get by without you and when you think about it, you’re still pretty comfortable in your home, aren’t you? Football season is coming up in a few months. And if you do have to sell, I’m sure that your Mom and Dad will be happy to see you moving in with them again, even if you are in your forties or fifties. At that age, if your parents are still alive and can’t sell their home and move to Florida either, they’re stuck too and at their age they can use all the help they can get.
Sebastian Gibson is both a realtor and a real estate lawyer in California of Sebastian Gibson Properties in Rancho Mirage, California dealing in California Real Estate Property, Palm Springs Desert Homes Land For Sale, Desert Area MLS and is the Senior Attorney with the San Diego Personal Injury Lawyer Firm from San Diego, Los Angeles, Orange County, the Palm Springs Desert Area, SoCal
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