Jason harper
July 2005 was when the real estate market topped. We just passed the three year mark.
The silent question on our minds: how long will this real estate bear market last?
Experts can't agree on one time frame but most would say that based on the history of the market a real estate market downturn lasts 3-5 years.
I couldn't help but wonder with the media going gaga over the market and more and more people having sleepless nights over their financial future: are we hitting the "it will get worst before it gets better" time line. Are we right on schedule?
"This real estate market downturn would be like a long and unforgiving marathon" somebody once said.
Perhaps marathon runner Jason Harper's experience could shed some light to our questions.
I met Jason Harper not too long ago in Reno--one of the most fascinating human beings I have ever met in my life. Last May he completed a 100-mile-run for the inner city Sacramento's roughest neighborhood.
He was fighting to create awareness and support for the uninsured children of Oak Ridge Elementary school. Eight hundred people watched him endure the intense heat (100 degrees) as he reached the finish line at (took him 29:35 hours).
"Harper, 36, crossed the finish line on the playground of Oak Ridge at
29:35. Slightly dehydrated and exhausted, Harper's motivation never waned,
though his body did."
Notice what he said heading towards latter the part of his grueling run:
"At the sixty mile mark, I was very nauseous and couldn't hold much down."
I believe our current state in the Reno real estate market is not far from where Jason was when he was "very nauseous and couldn't hold much down."
Would it get worst? I would say More than likely. But hold on, we must, friends. We might be heading on the last leg--the hardest one at that.
Our group have always believed deeply in Jim Stockdale's iconic statement " Confront the brutal facts but never lose hope that in the end we will prevail."
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