Jim Valentine on Real Estate
Real estate matters are of interest to the general public whether from a curiosity standpoint or to help determine a course of action. There are so many industry components that affect market activity, values, and investment strategies that it can be a challenge keeping up with things, especially when the mass media gets on their bandwagon and makes a lot of noise.
The noise today is not the usual banter about interest rates and why they are where they are doing what they have done and are doing to the market, but the loudest is accusations being strewn about regarding agents and their commissions.
Recent class action suits have been getting settled, but the statements about the practices and future are truly astounding. More on that to come, but for now, deal with the market you are in. The consequences of the litigation settlements will result in modifications to some business practices, but that is months away and won’t be as dramatic as the public is being led to believe.
House prices often go up and down depending on what is happening in our feeder markets, local economies, supply and demand. Demand has been consistent since the 2008 recession. Builders didn’t build for almost 10 years resulting in a tremendous shortfall of inventory. That has not been made up and there continues to be high demand compounded by the lack of resale homes listed for sale.
That phenomenon is because of the miracle low interest loans that so many people obtained in recent years. They have a hard time letting go of them to move up, down or sideways in the market with a new loan at twice, or more, the interest rate.
This is a presidential election year which usually results in presidential hopefuls promising good things to come and cure all that ails us. Most too good to be true, but in dire economic times hope burns eternal. There are things that can be done to change the real estate economy, but there are no guarantees that they will be done.
Local economies struggle as the people struggle so we have roads that need fixing, businesses that have challenges, and labor markets having a hard time making ends meet. This not only affects home buyers and sellers, but also tenants and their investment-oriented landlords. Shelter is shelter regardless of whether you own it or pay someone to use theirs.
With all of this going on, the time to buy is still now. As the storm blows past things will straighten out and there will be a whole new set of circumstances to consider in your real estate acquisition/disposal analysis.
You can analyze until the cows come home, but in the end, you’ll only have a case of paralysis by analysis, not a home of your choice to begin enjoying. Start your family memories now. Start fixing it up and customizing it to your taste now. Live your dream now.
As things stabilize you can always adjust in the future, if you have something to adjust. If you don’t act, you won’t have anything to act on. Focus on your wants and needs. What is important to you in home ownership?
If you don’t know all the benefits, i.e. - tax benefits, appreciation potential, peace of mind, etc., contact a professional agent to help you with establishing a good list for you and your family and helping you with perspective.
Your home is your castle, your safety. Get your castle and feel safe while others shudder at the hysteria they are being fed and don’t understand.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Gold Carson Valley, 775-781-3704. dpwtigers@hotmail.com