Re-posted from an article on realtor.org, immediate past NAR president Ron Phipps had a few things to say to real estate professionals who survived the housing market over the past several years:
- The economy cannot recover without housing.
- Everyone needs shelter, but not everyone needs to own their shelter.
- High home ownership rates are important but they must be sustainable.
- Home prices go up and go DOWN.
- The process of purchasing /financing a home is more complicated.
- Sound underwriting of mortgages is critical.
- Home equity should not be used for ordinary living expenses.
- Financial reserves for family, companies, and countries are necessary.
- Homeowners confidence in the economy is directly related the value of their own homes.
- The economy is global.
It is important that we learn from history – what item in the list above do YOU think is the most important?