My wife and I are currently in the process of refinancing our home. With a little luck, we’ll get to take advantage of these record low interest rates. Watching rates continue to drop drew some reflection on how market conditions can shape the way we see our homes. Are we all sitting at a gambling table, biding our time, scared to make a play? Often times life circumstances force us into uncomfortable situations and we can only hope for the best. I’m referring to upside-down mortgagors that have no choice but to jump into the market due to job relocation or otherwise. I truly hope these sellers bring their A-games and do everything in their power to position their home as a rare opportunity and an outstanding value. That’s what it takes to sell today.
What was recently seen (popularly) as an attractive short term investment has become an anchor to some and simply a place to weather the storm for others. But what better place to take shelter than home? Perhaps for many, a lost financial opportunity can become an opportunity to reconnect with their families, friends, communities, gardens, and all the other trappings of “home.” If nothing else, the current state of affairs, with all the doom and gloom, can serve to remind us of what’s really important and encourage us to live responsibly and within our means. Now that’s a novel idea!