Friday, February 20, 2009

Reduce Uncertainty by Controling Your Emotions

Photo by Alex MacLean

SO here we go again...I've touched on this in the past, but this time I'm going to dedicate an entire post to talk about how fear and uncertainty are big components in deterring consumers to making a sound home buying decision, and by overcoming those uncertainties, consumers have the control to put the economy on the fast track to recovery. Lately, homebuyer's emotions have been just as volatile as the market and their lack of control over those emotions have paralyzed them in making a decisive home buying decision. The great thing about this problem; sounds like an oxymoron but go with it, is that this is something the consumer has complete control over if they are willing to take a step back and look at the big picture. Nobody said it's easy to step into this current market, especially if you were a consumer that lost a good part of your wealth and your gut is telling you to retrench, but there are developers out there offering programs to create more security for homebuyer's so they can make a less worrisome decision. For example, Job loss is one of the major concerns for consumers and a program offered by The Estates at Opal Ridge on Staten Island called "Security in Uncertain Times", protects your home by paying your mortgage in the incidence you lose your job. This article from the Economist is what inspired me to write this post. Olivier Blanchard has some great insight on this topic and provides a very interesting perspective.

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