REAL ESTATE
by Jim Coleman, REALTOR®
BUYERS AND SELLERS FACE DIFFICULTIES IN HARD TIMES
Several years ago, back in the early 1980's to be particular, when this country was experiencing financial stress with elements of recession, historically the highest interest rates, and inflation, and when our family along with a major segment of America's families were impacted and struggling, our daughter gave me a little sign that has been a source of encouragement, inspiration and motivation to me. It hangs above my desk to this day, and reads: "Tough times don't last; tough people do."
Today, Americans are experiencing economic, financial and political turmoil far greater than that experienced by people during the past few decades, back to conditions known by a relative few of present living Americans, known as the Great Depression.
As one who has been involved in the service business of real estate sales and brokerage for over three decades, many of my peers and I are personally acquainted with several various cases of hardship, difficulty, stress, uncertainly, and ambitious aspirations of clients and customers. Today, in these difficult and trying times, many people are faced with serious dilemmas and hardships to handle their real estate matters and their buying, selling and renting needs. Some cases are illustrative.
At the threshold of this review, it is important to recognize that many folks today are victims of fraud, greed and graft in corporate business, including mortgage and real estate. Many have been unwise with spending and credit consumption. Many people in legal tenancies have lost their place of occupancy because of defaulting owners who have robbed the rent money and made off like a bandit in the night, leaving the tenant to face a bank foreclosed property and be mandated to move from the property, even though their rent payments were made as agreed.
Another group of consumers facing trying times are those who bought homes at inflated, artificially appreciated prices two or three or four years ago, with loans now bearing increasing interest rates on their ARM loans, and with the fallen prices where a sale cannot be made without the owner bearing some huge losses.
There is the homeowner widow who has the need of guidance and support from family and loved ones who are trying to help mom do what is perceived to be in her best interest by trying to sell a sizable home in a market that is seeing uncertain, slipping prices and values.
What about the young couple trying to transition from a one bedroom apartment to a purchase of a one bedroom condominium with a payment quite comparable, but with some question about their qualification with no down payment, but good credit and a job.
Then there are those owners who have experienced troubled domestic lives including the impact of finance and high payments and are left to face the potential of losing the home through foreclosure.
There is the short sale scenario which has made its way into today's vocabulary with almost as much common place as the term equity in real estate jargon. Communications are rare and difficult to achieve among parities in distressed conditions. Those in control wield their power. Often times there are unfortunate delays which seriously affect the ability of persons to make essential repairs to an obligation or even recover at all without further devastation to their financial and credit position by foreclosure or the declaration of bankruptcy.
So where will all this lead? Our economy is market driven. Supply and demand are players on the stage with no seconds or stand-in's. Survival will go to the fittest. Many will look to help from outside their own resources to stabilize and sure-up their situation. But it will be very difficult for many to rebound without serious implication to personal and family stability.
While personal and individual situation must be handled case by case, perhaps my expression of encouragement is that of: "Tough times don't last; tough people do."

St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He Specializes in Residential, Investment and Commercial Real Estate, holding National Designations of Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), Resort and Second Home Property Specialist (RSPS) and Seniors Real Estate Specialist (SRES). You can contact him by e-mail at Jim@RealtorJimC.com. Call: (435) 674-0600; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.RealtorJimC.com/articles.