Don’t Let The Economy Put A Damper On Your Dreams

Today’s blog post is from Tony Derbyshire. Tony is a Real Estate Agent with William Raveis and lives in Fairfield. He’ll be dropping in from time to time to keep us updated on the local real estate market. (Ed)

Real Estate, Hopes and Dreams

Ok, here’s a news flash! In Fairfield, the housing market is down! Does anybody NOT know that? The volume, meaning number of houses vs. last year at this time, is down in the neighborhood of %40. Prices are down from %20 to %25.

Ouch! That hurts!

There’s a big billboard that is on the southbound side of I95 in Bridgeport, I think. It’s simple. It says ‘Microsoft was started in a recession.’

Here’s some more good news. In the scheme of things, Fairfield, as a town, is doing relatively well in terms of the market. The dip is worse in towns like Greenwich, where the volume and price difference is worse. I moved here back in 2000 because of the socioeconomic diversity that is in this town. I sincerely believe that it is this trait that is protecting us if only just a bit.

One other thing before I tell a true story about someone who works here in Fairfield. I’m not usually great with predictions. This year, though, I have been predicting that the market would continue to dip and then level off in June. It appears that it has. Things haven’t dipped any more and, in fact, there is a healthy amount of activity. I believe that the market will be flat until next year. It won’t get any better, but it won’t get worse, either.

One thing I love about what I do is some of the people that I meet that remind me of why I love Real Estate. A year ago, I met a woman who manages a store here in Fairfield. Her name is Norma. As soon as I began speaking to her, I could tell that she was smart. She was very service oriented, she thought well on her feet, she had a pleasing personality and she wasn’t even afraid to tease me just a bit as she walked with me through the purchase of my latest cell phone. As I got to know her, she was nice enough to tell me about her life. She was a single mom of two children. She was working to get her life back together after a challenging time. I loved her attitude. I asked her what she was working for. Just to get things in order, she said. Because her place of work was on my way home from the office, I’d stop in to visit her from time to time. She was saving her money, she told me. I brought up her living situation. She said she was renting but that she looked forward to the day that she could buy something.

Bingo!

I love it when people share with me their dreams of owning a home. I don’t care if they’re buying a mansion, a vacation home or their first home, it’s rewarding when I can help a dream become a reality. From time to time, I’d ask her where things stood. When she told me she was saving, I believed her. This was a woman on a mission. The day came when she said she was ready. I took her to look at homes and she found a home with the same focus that she saved for one,making an offer on one after just a few trips out. She took advantage of the $8000 first time homebuyers tax credit as well as other options that first time home buyers have. We are presently in contract and moving toward a close date, which looks to be by the end of July.

I share this story for a few reasons. First, one of the things I love about Fairfield is that I believe it’s a big town with a small town feel. The fact that I have had as many pleasant experiences with people that work at so many of the businesses here in town is evidence of that. I experience it at Sunny Daes Ice Cream, where the people that work there are always friendly to my daughter when we get Ice Cream Cones. I experience it at Pizza Mediterranean, where Abe, the manager, always says hello and remembers my name.

More importantly, though, I share this story to fight back against all of the bad news that creates a hysteria that does no good whatsoever. When times are tough, dreams can die or be compromised. In Norma’s case, challenges helped her to define her goals. We haven’t talked about this, but I suspect they kept her company on many a tough day.

And just so you know, I doubt myself just like everybody else. I get frustrated. I get angry. I get scared. But I’ve always been good at looking to other peoples’ examples as a reminder of sorts and Norma sets as good an example as anybody I know that’s successful in life.

Is your home getting small for you? It’s a GREAT time to buy. Ok, you’ll take a hit in the home you’re trying to sell, but you’ll make it up on the buy side. Need some work done? It may be time to call the contractors. You may get a better deal than you would when the market is hot and they’re all building or flipping. Do you just need to stay put? Maybe that’s the answer for you, but don’t be discouraged.

Don’t let the economy put a damper on your dreams.