With the economy being as it is today, consumers are extremely cautious. The most important thing for our industry to remember is that now is a great time to purchase real property. Interest rates are down, as are prices. That just does not happen. The economic rule is if the prices go down, interest rates jump and vice versa.
The consumers are wary of stepping out of the comfort of holding on to their money in lieu of spending on anything, let alone "big ticket" items like transportation and homes. With a little education, I think our industry can turn that around, but the most important thing to remember is the feelings of the consumers, What are their key factors in consideration…. Job security, will I be able to continue making my payments is one of the top items on this list. As an industry, we should give them a pat on the back for this way of thinking, especially in light of the economic situation we are in currently. In addition, they want to hold on to all they have so it does not lose any value. This is where we, as professionals need to educate the consumers. Real property will not always be in this state of depression and flux. It will rebound and appreciate, so any investment made now will give them equity later.
This is merely a sampling of what we can do for our consumer base to educate them on the rare opportunities that we are faced with right now.