Recently in Four financial potholes Category

It's no secret, we live in the world of "big box" alternatives.  More and more, the businesses we've relied on for products and services are being replaced by the super marts with larger inventories and smaller prices.  This is the age of the "deal".  So when we're embarking upon  a real estate transaction, the notion of shopping for real estate services that let us keep more of our hard earned dollars is certainly tantalizing!  But, as Mom used to tell me, all that glitters is not gold!

Last summer, my daughter had a very interesting experience, and the more I thought about it, the more I recognized how strong the analogy was between her decisions (and their subsequent consequences) and those made every single day by prospective buyers and sellers of real estate.  Let me explain.  Shannon is a very independent, self sufficient young lady.  She has a job that she loves, writing and editing for her local online newspaper.  Last year, as one of her work assignments, she trained for and participated in a local marathon race.  Right from the start, she knew she had to replace her running shoes...they were old, and worn, and simply not up to the task ahead.  Now, I will say that was not an easy decision for her.  She's frugal.  She watches her budget.  And she doesn't replace things just willy nilly.  So when she said she needed new running shoes, I knew for a fact she NEEDED new running shoes

I recently had time to surf around the Internet and came upon this terrific article regarding the top five real estate myths, that even some agents believe, from a well respected real estate publisher and investor, as well as a friend of mine, Rennie Gabriel of Gabriel Publications.

This article originated from Parade Magazine, an insert into many major newspapers. Rennie's comments are in response to the misinformation that abounds in that article, which, for the most part, I wholeheartedly agree with him on.

Property and homes are commodities, pure and simple. High demand and low supply drives prices higher and the asset becomes more liquid (easier to sell). Low demand and high supply drive prices lower and assets become less liquid (harder to sell). Market value is ultimately determined by what a buyer is willing to pay and a seller willing to take. I hear the following statements from consumers: Well, I can't sell for less than my tax assessment! My home is worth at least my appraised value! My neighbor said... My Mom told me... The one down the street sold for...and my home is better... Zillow says...