Jim Valentine on Real Estate
So you’ve been watching the frenzied real estate market in Northern Nevada all year and are finally ready to act. What have you been waiting for? Timing a market is much like catching a falling knife – you might get lucky or you might cut yourself.
If you have been thinking of selling to capitalize on the unique market then you should have been acting. The market has been checking for a while now with prices dropping, activity slowing and fewer multiple offer situations.
Don’t fret if you’ve waited, the market is still very good. Prices have stabilized and dropped, but they are still very good for sellers. Buyers can take a chance that they will continue to drop and wait, or act now thinking that they will stabilize or go up again when the smoke clears. What would drive them up? People wanting out of California? The price of new construction continuing to soar as material and labor costs remain high? Not too likely they will drop much for jobs are strong, and current owners generally have affordable and proper loans making the owned sector stronger than it was at the beginning of the 2008 recession.
Some owners have wanted to see where the market went and are now tempted to jump in, but don’t have anywhere to go when they sell. They are talking about selling and waiting to buy. This is a great plan if the market drops. You will have accomplished the old “sell high and buy low” scenario.
If you are just moving sideways in the market this may or may not work for you. If you are moving up or down then you have other objectives that will contribute to your decision making process. Having the right size house for your present lifestyle can be more valuable than the cash you may make or lose along the way. Right now it seems like you can do it successfully, sell at a very good price and successfully negotiate a replacement property during this market adjustment period.
Make sure you have an alternative plan when you sell. If you get sold and have nowhere to go what is your fall back plan? We’ve talked before about getting temporary storage containers, renting back for a bit, finding a rental while the market settles, etc. You may have opportunities to make this work easily that you aren’t thinking about. If you have a travel trailer and friends/family with property … camp out for a while while you look for your replacement property.
Work on your alternatives now so you can stop waiting and start taking action. If you have a thorough plan of action you can initiate it and get on with your life. No sense having your life on pause while you fret about the actions of others, i.e.- the buying frenzy and scarce inventory.
People are buying the inventory that is there, and sellers are selling for respectable prices and terms. You’ve heard about it, read about it and watched it on the news. There has been a phenomenal market happening all over the country as well as Northern Nevada. Are you going to wait until the end of the run? Somebody has to be the person buying/selling and it might as well be you. It could take more work than normal, and that is what winners do. It is lonely on the extra mile, but that is where the glory is. You can do this; quit waiting.
In all aspects of life there are those who watch things happen, those who wonder what happened, and those that make it happen. If you are buying or selling a home you don’t want to be in the first two categories. You need to make it happen. Formulate your plan. Talk with your agent about your plan and adjust it with her professional contribution so you have a reasonable assurance of the feasibility of your plan.
Then work your plan. Time waits for no man, nor does a real estate market. If you want it bad enough you will manifest it and make it a reality. Be clear in your wants and needs and you will soon be living in your dream.
This is Nevada where we all know, “You can’t win if you don’t play!” Get off the sidelines and into the game. Make your plan and list or buy your house, then enjoy the “happy ever after.”
When it comes to choosing professionals to assist you with your Real Estate needs … Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. dpwtigers@hotmail.com
