The real-estate market meltdown when the mortgage companies collectively lost their minds seems so long ago now.
Real estate has proven across history to be a solid long-term investment. It is also true that it is cyclical.
“Winter is coming,” said Gary Keller, founder of Keller Williams Realty.
Although it’s October, he isn’t talking about the calendar. Most industry experts agree that sales in the housing market will slow in most markets nationwide sometime in the near future. Is that “near future” now or three years from now? No one has a crystal ball. What I will do is keep a close eye on the number of sales and pricing, and report back what I am seeing.
Here are five points to keep in mind:
If you need to sell your home in the near future, sooner is likely better than later. Our single-family home market along the Emerald Coast is still robust in most price categories. Will it be that way in the spring or all of 2017? No one knows. If you are thinking of selling, call me so I can go over the numbers with you and you can make the best decision possible. If you live outside the area now, call me and I can connect you with an agent in my network that knows how to get homes sold in a tough market.
Don’t panic. Most downturns in the real-estate market have been short lived. If you’ve owned a home for the last three years in this area, chances are good you have built equity. What goes down also goes back up.
If you’re buying property with leverage, waiting to buy may backfire. Why? The shift may not start for a while, and it could be a short one. Interest rates in the last two months have been at historic lows. If they go up even 1 percent, that can represent a 10-percent drop in your purchasing power. We KNOW it’s both a good time to buy and a good time to sell today.
A lot of homes are sold even in a down market. The perception that “no one is buying” just isn’t true. Pricing and marketing are even more important, so if you need to sell during a downturn, I will be your consultant to making your home stand out.
It’s a beauty contest. Staging your home becomes even more important. The little things matter and can give you an edge. I am a Certified Staging Expert and will give you a full, free consultation when you list your home with me.