What is the thing most of us are talking about every day?  The ECONOMY!  What do we think we can do that will change the direction we are moving?  

A lot of us would respond that there really isn’t anything we can do.  We just have to wait for the final bottoming out of the market.  I choose to believe that we are not powerless and that we can always do something.

Let’s begin with “housing” which kept the economy strong from at least 2001 through 2005.  Housing involves homeowners, buyers, investors, REALTORS®, Mortgage Companies in addition to all of the companies who sell furniture, appliances, fixtures, home improvement and many more.  Let’s just concentrate on the beginning process of selling a home to see if we can make a difference.

The starting point is the Homeowner who decides to sell.  It is well known that the prices of homes are not what they were in 2003 or 2004.  So why put a price on your home that you absolutely know is too high?  If a reasonable price is not agreeable to the homeowner, he would be better off taking his home off the market until prices are within the range he is looking to receive.  This would reduce the inventory and better reflect what is really and honestly for sale.  Inflated pricing is damaging the housing market!

This is a great time for buyers because they have inventory to choose from.  Buyers need to make realistic offers and work with a REALTOR® who can lead them to the price range they have identified.  It’s not a time when an investor can purchase a property and then turn around and sell it for a profit.  Investors will need to retain property for several years in order to make a profit.

REALTORS® and Mortgage Companies need to work together to qualify buyers for the home they can comfortably afford.  No one should be approved on the expectation of increased income.  Sometimes a job is unexpectedly lost and a high mortgage payment results in a foreclosure.  It’s hard to reject a borrower, but it’s worse to give them false hope.

Homeowners, REALTORS® and Mortgage Companies can also do a lot together to make it possible to sell a home (and help a family) before the home goes into foreclosure.  No one wants the expense and credit problems related to a foreclosure.

If we begin to take control of the local housing situation, we may be the example that the rest of the state and perhaps the country needs to get things moving again.  The alternative is not good so what do we have to lose?









Martha Bullman
CEO Realtor Association on Miami-Dade County