Reverse Mortgages takes a close look at 19th Century daily concerns that need 21st Century overhauls--their homes, home equity and communities. The real estate boom and the current financial market collapse prove that we are long overdue for this "mental housecleaning."

One example of a necessary shift in thinking is the difference between building permanent equity and captivating market-driven buyers. During the boom, buyers were in a frenzy to buy before someone else did and so were taken in or placated by cosmetic changes. They paid more for properties that looked good, but often did not have or take the time to see if the difference was real quality or cosmetic dressing. The surprise and disappointment on move-in has become part of the buyer mythology.

Now that real estate markets have shifted to seller markets and buyers have time to think and compare, quality will be valued and appreciated, particularly if it is well presented.

Becoming a good home equity manager involves buying well and making solid equity-advancing improvements as owners. For more on the quality comeback, read the latest article in my ongoing +500 column "Decisions & Communities."

What has your experience--as buyer and seller--been when it comes to cosmetic over quality?