… on the real estate front
(Sorry, that was just a little too easy. Nothing like grasping at some low-hanging references – even at the risk of sounding overly pastiche.)
Still, that doesn’t mean that it doesn’t apply; it has been very quiet, indeed. With the number of transactions closing per month considerably lower than this time last year, and with new listings outnumbering sales, local inventory continues to climb – and all at a time that is, traditionally speaking, already the slowest of the year. And for extra spice, add in a dash (or a douse) of price/consumer uncertainty given the continued raising of mortgage rates (without any clarity on their future trajectory); after all, nobody wants to buy a home that is, for all intents and purposes, a short-term depreciating asset.
Boring! Isn’t this a real estate blog, not a recap of the news?!
Yes, it is. Give me a minute and your patience will be rewarded.
OK, so… where’s my helpful consumer advice?
Steady on! Here goes:
First and foremost, whenever you’re considering buying real estate as an investment (or, indeed as a home), don’t suffer imagined troubles – just buy and hold. Think long-term and control what you can (i.e. always get the best mortgage rate, keep your property clean, and in good shape and don’t delay critical maintenance). A well-located property that has been properly maintained (preferably with supportive documentation) will remain advantageously desirable.
Second, if you are thinking of selling, use the holidays wisely to purge and clean to the greatest extent possible (I recognize that this might seem tone-deaf at what is the most hectic and materialistic time of the year but it’s still worth mentioning). Heck, throw a new coat of paint on the walls, too. The more work you do up-front, the better off and easier the process will be. To beat the (traditional) rush of new inventory coming to market, aim to go live by mid-January. Be realistic about your price point and listen to the advice of your Realtor on pricing strategy.
Third, if you’re thinking about buying, please start with the first aforementioned point. Furthermore, I’d like to emphasize that it is a buyers’ market – those buyers who are prepared (i.e., have their finances in order and budget confirmed with a mortgage pre-approval), have conviction and willingness to negotiate will be able to acquire properties that, in time, will confirm the extraordinary value proposition that reveals itself over the long-term only; remember the adages: “Be greedy when others are fearful and fearful when others are greedy” and “fortunes are made in tougher times but not realized until better times” highlight the very potential of today’s residential market. I believe strongly that there is a lot of money to be made at the moment if you are considered strategic.
… and I’m not writing this down to pontificate or to add content to my website for the purposes of SEO (although the latter is undoubtedly a positive side-effect). I am looking at purchasing in 2023 as well.
So there, I’m putting my money where my mouth is.
… and isn’t that exactly what you want in your Realtor? Someone like you who can relate and is going through the same processes – who understand
the work, time and energy involved.
Well, that’s me. And I’m taking on only a few new clients. Please call, text or email.
Let’s get cracking!
ps: Merry Christmas/Happy Holidays and best wishes for a healthy, happy, safe and prosperous new year.