The Calm After the Storm~
Here in the Midwest, we have a familiar saying, 'the calm before the storm' when tornado season is in high gear. The sky turns a strange gray blue color, the wind stops howling and the eeriness of the calm is anything but calming. These are the times the sirens wail and the entire family heads for the basement or interior closet, seeking refuge in case a tornado would strike.
Luckily, we have never personally been exposed to the damage a serious tornado can cause. Oh yeah, we have had trees uprooted, extensive hail and wind, but not total destruction.
From 2002-2005, the Indianapolis real estate market was engulfed in tornado type activity. Fueled by historically low interest rates, speculation and greed, the whirlwind hopped, skipped and jumped around the country, leaving financial loss for some.
Now, we are left with the 'calm after the storm'.
Everything is kind a quiet.
People are out analyzing the situation, proceeding with caution, waiting for insurance before they make a move.
Some are still hanging out in the basement. Without surveying the situation, they believe there really wasn't much damage.
Many areas around the country are having a difficult time cleaning up the mess. Some are experiencing 10% and more in loss of their property value - They didn't heed the siren warning. They didn't know when to go inside. They could have come in and gathered some of their valuables and waited for the storm to subside.
The Indianapolis real estate market had some minor damage. We had a few hits across the city and outlying areas, nothing major. It appears the storm is leaving the area, people are starting to asess their options and move forward. They will make their decisions based on new information gained through weathering the storm.
The great thing about the calm after the storm is, the sky is clearer, the grass greener and the air fresher. Everyone seems to have a different perspective about their experience. Each will make decisions based on their perspective.
What's your perspective?
How will the storms passage influence your decisions?