Friday, September 26, 2008
Should I Close My Escrow?
Dear Sue,
I don’t know what to make of the crazy financial markets! I have been listening to the news 24/7. It has been addicting. It’s like watching 911 all over again. It’s like watching an exploding space shuttle or maybe the OJ Simpson trial. It is unbelievable!
Like the rest of the country, I am watching because I am anxious and worried about the outcome of these events. I don’t know if I should hole up or continue on with my life.
I am presently in escrow on a new home. Since I am feeling uncertain about making any big financial moves right now, I am struggling with the decision to close my escrow.
What are your thoughts?
Anxious Al
Dear Al,
You have good reason to be anxious. Our current financial disaster on Wall Street has the entire world up in arms!
The proposed bail out is designed to stabilize the markets not tank them. The finger pointing and armchair quarter backing and endless speculating and whining and lobbying is the background noise that makes for good television. As you know the media thrives on controversy and disaster.
While our markets may be global all we can influence is local. No one can make the closing decision for you. I can help you come to that decision by posing a few questions.
Does the home that you are in escrow on support your lifestyle? Does it support the way you want to live? Does it have the features that you need or want? Is it big enough or small enough? Is it conveniently located? Is it in close proximity to work, shopping, schools and medical facilities?
Does it have any “issues” or any incurable defects that you can’t live with?
Consider the affordability factor. Can you afford it? If you have been pre approved by today’s conservative standards chances are you more than qualify and you have a reasonable down payment.
Are interest rates favorable? Are you “locked in” at a good rate?
Is choice an issue? Do you feel that you had enough properties to choose from? Have you looked at enough properties?
Is it a good value? Have you done a market analysis? How does it compare with other available, pending and sold properties?
Are you concerned about prices going down even further? What if they do? It is difficult if not impossible to time the bottom of any market.
How long do you plan on living in your new home? If it’s five or more years today’s volatile markets will be a distant memory.
Answer these questions and determine for yourself whether not you should close your escrow. It’s a matter of Good Home $$s and Sense.
Watch for the new HomeTown "Next Step" tool for gaining clarity in today's market!
I don’t know what to make of the crazy financial markets! I have been listening to the news 24/7. It has been addicting. It’s like watching 911 all over again. It’s like watching an exploding space shuttle or maybe the OJ Simpson trial. It is unbelievable!
Like the rest of the country, I am watching because I am anxious and worried about the outcome of these events. I don’t know if I should hole up or continue on with my life.
I am presently in escrow on a new home. Since I am feeling uncertain about making any big financial moves right now, I am struggling with the decision to close my escrow.
What are your thoughts?
Anxious Al
Dear Al,
You have good reason to be anxious. Our current financial disaster on Wall Street has the entire world up in arms!
The proposed bail out is designed to stabilize the markets not tank them. The finger pointing and armchair quarter backing and endless speculating and whining and lobbying is the background noise that makes for good television. As you know the media thrives on controversy and disaster.
While our markets may be global all we can influence is local. No one can make the closing decision for you. I can help you come to that decision by posing a few questions.
Does the home that you are in escrow on support your lifestyle? Does it support the way you want to live? Does it have the features that you need or want? Is it big enough or small enough? Is it conveniently located? Is it in close proximity to work, shopping, schools and medical facilities?
Does it have any “issues” or any incurable defects that you can’t live with?
Consider the affordability factor. Can you afford it? If you have been pre approved by today’s conservative standards chances are you more than qualify and you have a reasonable down payment.
Are interest rates favorable? Are you “locked in” at a good rate?
Is choice an issue? Do you feel that you had enough properties to choose from? Have you looked at enough properties?
Is it a good value? Have you done a market analysis? How does it compare with other available, pending and sold properties?
Are you concerned about prices going down even further? What if they do? It is difficult if not impossible to time the bottom of any market.
How long do you plan on living in your new home? If it’s five or more years today’s volatile markets will be a distant memory.
Answer these questions and determine for yourself whether not you should close your escrow. It’s a matter of Good Home $$s and Sense.
Watch for the new HomeTown "Next Step" tool for gaining clarity in today's market!
# posted by Sue Thompson @ 3:24 PM 
Subscribe to Posts [Atom]
