“How Are Things In The Market Right Now?” Hmmm… I guess I’m writing more of a philosophical or “opinion piece” today. This is such an interesting question… I hear it every day in one form or another. Often it is accompanied by “Things are pretty bad, aren’t they? I hear they’re getting worse.” or “I’m ready to buy but think maybe I should wait till prices drop more.” or “I read that….” All of these are motivated by a combination of media influence, a desire to make good decisions, and some good ‘ole car-wreck-neck-jerking thrown in. We are all in the same boat, and Realtors have some inside knowledge that folks would like to have. The truth is, aside from offering some statistics (local, please), and some of what I’ve heard experts predicting, I always say the same thing… “I don’t really believe in statistics… in my own life anyway.” Real Estate is like that as a profession. You need a combination of faith, perseverance, and real skill to offer clients in order to achieve successful outcomes. I usually say ( in addition to the numbers or current trends I’m aware of), “Things are pretty good here in my world”. What you really need to assess is: How are things in your world?.
You’ll notice that there are fewer Realtors around than there used to be. One thing you can be sure of; The Realtors who are in business right now are in business for a reason… namely the three I outlined above. Talk to your Realtor, and begin to assess your own situation.
Is the market in the right shape for your purpose right now? I don’t know- Ask yourself:
- Are you needing a bigger home/Is your family growing etc?
- Is there a change in your living- or relationship-status that necessitates some movement?
- Are you being transferred in your job?
- Would you really like to (or do you need to) downsize?
- Is a change of schools for your kids in order?
- Have you been wanting a real estate investment opportunity?
- Do your friends all live on the other side of town?
These are just a few of the reasons you might want to take advantage of the current really low prices, and really low interest rates. So… for those three variations on questions I get about the market:
- Assess your own local market data, and talk to a mortgage broker about your own unique set of facts pertinent to your choice to act or not. Then make the Right Decision for you based on more than rumors or innuendo.
- As far as prices go… no one really knows for sure, but one thing is true: According to the experts, interest rates are not going lower…. So even if you wait for home prices to lower a little more (assuming they do… locally in the metro area , according to RMLS, sold prices increased from July2010 to August 2010 by 0.8%… & 1% from August ’09) you will have negated any benefit by most likely settling for higher interest rates.
- When reading or listening to news reports about real estate- “Consider the source”… and the subject matter. Very often folks are hearing national information on the national news, and while that can be interesting in gauging where markets might be headed based on experiences in the past (what states declined first… what states followed in both negative and positive trends, and in what order…) the only really relevant information to your particular situation is local. The adjunct to that of course is how that information intersects with your personal goals.
Read our Market Activity Report every Monday. Talk to your Realtor. Talk to a Mortgage Broker. Get the facts and then decide for yourself. Life is happening everywhere… all at the same time! : ) Don’t let fear and natural but morbid fascination with negative news stories run your life. (That’s MY two cents! : ) Very Best, Linda