While oil futures dropped $6 a barrel today, what does that really mean to you and me: Mr. and Mrs. Taxpaying Residents of the San Juan Region of Colorado?

Federal Reserve Chairman Ben Bernanke cites that our economy may be facing “significant” risks to growth. When oil prices go up, gas prices increase, food costs more, vacations are more expensive … the list really goes on and on – a real case of trickle-down economics. So how can our clients and neighbors take advantage of this challenging economy? Here are some thoughts from your friends at San Juan Realty, Inc:

1) If you’re a buyer or tenant, start shopping. There’s no better time than now to leverage your buying power and shop for the ideal business location or your future dream or vacation home. Prices are favorable and there are many opportunities to negotiate closing and lease terms as well as seller/landlord concessions.

2) If you’re a seller or landlord, understand the market you’re in. It’s an ideal time to sit down with a local market specialist and get a real feel for the market. Landlords: discuss current vacancy rates and potential incentives you can offer prospective tenants. After all, a leased property at a discount is better than a vacant property at full value! Sellers: what are you willing to do to sell your property? What makes your property special? Who should you market to? Understand your local area, recent comps, and work with your realtor to get a realistic picture of what’s necessary to compete in this market.

3) Not ready to sell but ready to move? Consider renting. If you’re just not ready to sell at what the current market dictates, discuss with your realtor the possibility of renting. There’s always a demand for rental properties in a challenging economy, and if yours is competitively priced, you could benefit from the security of a stable, reliable tenant and still get where you want to go, when you want to get there!

4) Consider this a great time to make some home/property improvements. Not going to sell or rent anytime soon? Check out the possibility of redoing that landscaping, remodeling a bathroom or just getting a fresh coat of paint on your house. There are several low-cost improvements you can make to your property that can increase both curb appeal and resale value.