Pearce Plus Relocation: A Long Winter

This has been a long, cold, snowy winter in Connecticut. Probably one of the snowiest I remember since childhood (if even then). And while we always enjoy that first storm... an excuse to make a snowman, go sledding, stay inside, catch up on movies, read a book... after an unending winter of blizzards, we are more than ready to see that first crocus emerge. We're still maneuvering around five foot snow banks, shoveling snow off of roofs, and feeling a little claustrophobic. But we maintain our optimism... the snow will melt... the crocuses will emerge!

The same is true of our economic state. It has felt long and protracted. At first, companies held back on relocations (imposing hiring freezes and lay offs). When transferees were being moved, it was more often because of the closing of a facility than for a promotion. Many found themselves facing loss-on-sale or, even worse, negative equity situations. And their choices were limited: to move, suffer economic losses and keep their jobs or to stay, without a job, and hope they could find suitable work in their current location. It has been a challenging, demanding, and sobering time.

And while it still feels like "winter" and we are still waiting to see those crocuses emerge from the hardened ground, we are also starting to see signs of life. More calls from employers we haven't heard from in a while. Relocation and hiring seem to be back. More employees are ready, willing, and able to make the move - and excited about the prospect of their new position in their new community. Relocation homes are selling faster. As happens in most economic cycles, it takes time for people to adjust to the "new normal" and become accepting of the idea that housing prices have declined (especially when it comes to "their" house). Once they do, we can finally move on. Homeowners now get it. They are listening to pricing advice. They are doing the appropriate repairs and improvements, and staging their homes for a quick sale. They are... as well they should ... moving on with their lives.

From all that I read and all that I am seeing on the ground, there just may be some blue skies on the horizon. We may not emerge the same as we were before this economic meltdown, but we all will emerge stronger and wiser for it. ...And that's a good thing.