10 Things to Remember as the Housing Market Recovers

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:

  1. The economy cannot recover without housing.
  2. Everyone needs shelter, but not everyone needs to own their shelter.
  3. High home ownership rates are important but they must be sustainable.
  4. Home prices go up and go DOWN.
  5. The process of purchasing /financing a home is more complicated.
  6. Sound underwriting of mortgages is critical.
  7. Home equity should not be used for ordinary living expenses.
  8. Financial reserves for family, companies, and countries are necessary.
  9. Homeowners confidence in the economy is directly related the value of their own homes.
  10. 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?

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