Your friends mean well but they don't know Albany NY Real Estate!

I called my financial adviser a week or so ago and told him I wanted to start dollar cost averaging into the S&P SPDRS. They had a dividend yield of roughly 3.6% at the time. "What makes you think now is the time he asked?". "I was just talking to a friend and it seemed to make sense" was my response. Now my friend is an investor client that works on Wall Street and makes his living as a trader. So actually he does have a fairly good handle on financial markets. However it really made me start thinking. Does my friend really know about the markets or does he just talk like he does? In this case the answer is yes he knows what he is talking about but the answer isn't always yes!

I realized I was doing exactly what many of my clients do, taking advice from friends not the professional they are paying. It is human nature, friends want to help you and you value their advice. However, the bottom line is there is no way your friend that buys a home every 7 years on average and probably refinances every 5 years has any idea what is going on this market. This week alone I heard "my friend says not to use a mortgage broker", "my friend says rates will go lower", " my friend says they will sell the loan and raise the interest rate". After 17 years I am still learning everyday but I do have a pretty good understanding of real estate from years in the business. If you need advice ask me! The advice I give will be exactly what I would do if I was in your position. It may not always be what you would do but I most likely have a better handle on the situation then your friend!

The end of the story is I took the advice of my paid financial advisor not my friend!

If you have any questions please do not hesitate to contact me. Thank You!

Sincerely,

Kevin Clancy

518-861-7016
kevin@clancyrealestate.com
http://www.clancyrealestate.com

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