Complaints about the future of the real estate market differ greatly from one state to another and often from one county to another. Parts of California have seen dramatic shifts upwards that are only complained about by those that want to buy into the market. Other states such as Ohio and many other states in the rust belt have seen little to no improvement to the real estate market.
What often gets missed and creates discomfort and therefore a sense of negativity which creates the complaints, concerns and an overall sense of hopelessness is that fact that real estate like any large market is cyclical and that cycle has to run or we would have no corrections to the market.
If there were no corrections we could never buy anything as prices continue to sky-rocket at an unsustainable level.
Complaints that the market is not picking up fast enough in a particular state or area remains under water are the harsh truth behind the cycle. We as a collective too often are not able to remember the cycles of the past. Even while doing research for this article it was difficult to find information about the economic recessions that created real estate prices to collapse in the early 1980’s and again in the early 1990’s.
Those recessions were not limited to one market place. They were inclusive and everyone that had bought or sold anything was effected. Those who owned homes were effected perhaps to a greater extent but they were not the only ones to feel the sting of economic hardship. The same complaints were heard then. The same concerns about the future were felt then. The most important thing to remember is that all of the collapses before eventually ended and people regained their financial footing. Granted, this financial malaise is lingering longer and the powers that be don’t seem to hear our pleas for relief. What we have to remember is “This too shall pass” as with every cycle, good or bad, has before it.
In the words of my favorite sci-fi show Battlestar Galactica:”All of this has happened before and all of this will happen again.”
I have never seen Battlestar but will dedicate some time over the holidays to it. Is there any season you would suggest?
Most definitely season 1. I’m talking about the new Battlestar Galactica (2005-2009), not the one you and I grew up with.
Sorry, I grew up before electricity!