PATIENCE

The present residential real estate market requires a great deal of old fashion and yet common sense "patience."

This word, we all tend to ignore in our frantic daily rush, is defined as "Capacity for waiting. Ability to endure waiting, delay, without becoming annoyed or upset."

However, the residential market is changing. No one knows to extent of the ultimate evolution of this residential market shift.

The art of patience in dealing with any real estate market, during the winter months, in New England, is common. The usual and normal climate conditions; snow storms, ice, freezing temperatures, blizzards, are not the perfect time either to show a home or view one.

This year we are faced with the changing market conditions, precipitated in part by the mortgage meltdown, the rash of home foreclosures, and the sudden tightening of mortgage underwriting rules, caused by some ill liquidity in the financial markets.

It should be obvious to all that the greatest real estate boom, probably in the entire history of this country, is over.

This doesn't mean "a bust" is inevitable. It means the market is in a correctional phase and I believe we are returning to a normal, healthy residential market under the direct influence of local and neighborhood factors.

This is a perfect time to plan well, update your credit information, save cash for closing costs, etc and study the market. Learn what you can about FHA and VA loan guarantees and even state mortgage assistance programs.

We are not talking a long time. Spring is just around the corner. Please use this interim time well and wisely. Yet, remain on your toes, stay wide awake. and be flexible in case a good home buy comes along.

Now for a word of caution. When you select a real estate agent be sure to determine, up-front, if the agent is also a real estate speculator, or "flipper." Why?

Do you really want a "speculator-flipper agent" be in competition with you? If a real good buy comes along will that agent call you first, or scoop the home for his, or her, personal monetary gain?

If find this to be lawful but not "ethical."

For the record I'm not a property speculator.

BIll McInerney