Is the Mesquite real estate market finally in the eye of the hurricane?
When a hurricane warning becomes known, decisions need to be made to protect your family, your property and your possessions. Do you flee the area, leaving behind everything that you have built and worked for?
Or did you hunker down and prepare to wait it out and come back strong to rebuild with what is left?
Most of us underestimated the strength and fury of the hurricane that hit the real estate market in Mesquite NV and most areas of the country.
The huge loan tornado grew bigger and bigger and devastated all in it’s path of fury. The fuel price tornado gained force and impacted all aspects of business in the country.
Gretchen Faber called it the perfect storm in her post Riding Out the Storm.
As we are waiting for the eye of the hurricane to pass over, we can assess the damage and prepare for the aftermath of flooding that is already here and the smaller tornadoes that are still to come.
Too many homeowners have not been able to save their homes. Many real estate related companies were not able to prepare and have had to flee the storm.
Some families will lose everything.
Some homeowners cannot afford to sell their homes right now. They owe more than they paid for their home before the storm.
But many sellers here have been able to adjust their price and hunkered down to be in prime position when the hurricane passes and the pent-up buyers leave their basements.
We are finally seeing some patches of blue sky - you have to look hard between the dark clouds.
The 'easy to qualify for' loans are gone with the wind - Only buyers with good credit and some cash for down payment are in a position to buy.
As these pent up buyers make their moves, the flood of homes on the market will eventually subside. And the market will stabilize.
The prices will eventually start going up. But pay attention - when that patch of blue peeks out of the gray sky - don't be the last one to climb out of the basement.
for information about Mesquite NV homes
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Mesquite Nevada Real Estate Agent ~ ~ ERA
Virginia Hepp ~ Mesquite Realtor 
Virginia, great analogy with the hurricane. No one can predict a bottom of a market cycle for sure. You just make the best decision with the information at hand. Some homeowners as you pointed out can't sell at these prices now. For them, they will have to wait.
I love the photo of the mfg home on stilts. Do you use a crane to do that?
For those who cannot sell, it may be a some time before prices come back.
Most buyers I meet are out for undervalue bargains. I have a sale working right now that the buyer is having to short sale because he wants a new home.
How is that going to work for him and for his credit?
I think some significant awakenings will be needed before the market can return to more balanced motivations.
Glad you are back.
Richard
Virginia - That's a good posting, and I love your title! I think many real estate professionals will look back a few years from now, and stand in awe of the devastation this "hurricane" created.
I like Richard's labeling of what is needed - "balancd motivations."
Myrl Jeffcoat
GreatWest GMAC Blogger
Gary - and we need to help them all that we can with the complete information and the truth.
Richard - still some tornados to come - we will help clean up the mess. That is a trailer in Mississippi - When Fema funded the repairs the owners were required to do that as a condition of getting $$. I think your buyer should think again.
Myrl - Nice to meet you! Richard does have a way with words, I wonder if he coined that expression himself - it sure describes what we need.
Virginia, interesting concept of the mobile home on stilts. Had to look twice at that one. Love those flood plains on land ind sales.
It really hurts to see this from the angles that we see this. I also believe that we are cleaning up messes left over from our predecessors. Sometimes I just wish I could stay in bed with the covers over my head!
Duane - caught me off guard, too. They are now all over the Katrina area - FEMA requirement.
Renee - Some people may never recover - that is the worst part.
Virginia, probably a great idea. I recall seeing a home setting in the middle of a bog about a 1/4 mile off the road when I was down there after the storm. Not sure if stilts would have helped with the wind, but would have helped with floating off the foundation with the rising waters.
Hi Virginia, Thanks for the linkback! Your spin on things is well-balanced and thoughtful, and I always love your photos of your area. What a sunset!!
This one has been reblogged :) I want to know if you get notification!
Renee - no, I didn't! Are we supposed to?
I did a reblog this morning and I emailed the blogger and asked him to check the reblog box so I could use his.
Where is it - I would like to see it?
Duane - I was wondering what a big wind would do to these - there are a lot of them!
Gretchen - Thank YOU! I got the idea from your post - actually, I turned my comment on your post into a post!
Virginia, I would assume they have to be constructed with hurricane straps, but can they withstand 100+ MPH winds, time will tell.
I am just checking this out! It is posted under my blog, first post :)
Duane - I wouldn't want to be in one, I was there for Hurricane George, not fun. I imagine they also have the steel reinforcements that go way down in the ground.
Renee - You are such a bad girl! :) Hope you get a star.
Virginia, never been in one and hope never to be. Feel bad for those who have experienced a hurricane.
Duane - The folks back there thought people are nuts to live in California - an earthquake doesn't give much notice. But the hurricanes scare me more. Run away, run away.
The aftermath, bad - no water, no electricity, no air, just bugs and sweat and bad smells. I can't even imagine the horrors of Katrina, even with all of the news coverage - you had to be there.
Virginia, me either, think I'll stay in Michigan.
Virginia,
Nice post / correlation of how the mortgage meltdown relates to a natural catastrophe!
Duane - When did you take your name off your title tag?
Paul - Thanks - both are complicated and devastating.
Virgina: Thanks for keeping up the positive during these trying times. What goes down must come back up! I look forward to reading your post and seeing the peek in the skies. Best of luck!
Michelle - You know what they say - It is always darkest before the dawn!