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What is your home...really?

By
Real Estate Broker/Owner with Fathom Realty Colorado

I need to stop getting so caught up in these online forums that I read.  I just can't believe how negative some people are about everything.  I'm not an outwardly giddy type of person, but some of these folks must just be miserable.  I jumped into the online world with the idea of providing information about my community to those who may want to move here and to those who already love it here.  I need to get back to that and away from arguing with folks about whether or not the economic sky is really falling.  Let me make one quick point, then on to the title of this post.  Real estate in Gig Harbor is not care free right now.  We have seen our market slow considerably, our inventory rise, new construction is popping up all around and for the most part not selling, which makes resale homes tougher to sell.  It's very likely we'll stay in this "slow" market for at least another year or two if not more.  The average working folks can't afford the average priced house here with their average income.  Homes simply aren't as affordable anymore.  That being said, Gig Harbor's real estate market is WAY better off than the majority of the nation's, and  more importantly, "What is your house...really?"

Gig Harbor house

Is your house a short term investment?  If so, you may be in some financial trouble.  If your house is a long term investment, or (gasp) a HOME, then today's real estate market really isn't a concern of yours.  I keep hearing the NAR get slammed for saying that now is a great time to buy.  The argument I hear against that is that prices aren't at their lowest yet, the market is still falling.  Am I the only one who is sitting shaking my head with my jaw dropped open when I hear that?

I can't imagine going to a financial planner, telling them I just got a job and am ready to open an IRA to prepare for my future, and having them tell me, "WAIT!  The market may go down over the next year.  Try to time the market and THEN you can invest."  Or, maybe I want to open a college fund for my baby so I'll be ready in 18 years.  "NO!  Experts say the economy is weak and getting weaker.  WAIT until it hits bottom THEN invest." 

Those examples don't cut it for you?  That's fine, they're not necessarily the same thing.  So let's try these.  My car dies, so I go to a car dealership to buy a new one.  "NO, WAIT!  We're having a huge sale in June.  Don't buy now, wait til prices drop and THEN buy."  Or maybe I'm going to Park City, UT, for a ski vacation and go to buy a new winter coat 'cause I don't need one here.  "NO!  Coats will go on sale once the weather warms up.  Don't buy one now, you'll pay too much."

Gig Harbor house

What am I getting at here?  I want to know what your house is to you...really.  My house falls into two categories.  One, it's a long term investment.  We bought the home in July of ‘07, and I can't imagine leaving before 5 years, and can easily see us here 10 or more years.  Secondly, my house is a HOME.  It's where I brought my daughter home for the first time.  It's where my dog greets me when I come home each day.  It's a big fenced yard where my dog runs and chases his toys while my baby giggles and screams at him.  It's where I get to watch my wife make her incredible lasagna and really good, life-long friends sit and enjoy it and swap baby stories.  It's where I sit right now, with a gorgeous view of the trees and blinding blue sky out my window while I get this rant off my chest.  Do I care about it's value now compared to 6 months ago?  Do you think I care that if I had only waited another 8 months and bought today rather than last summer I may have saved $15,000 (of course, somebody much smarter than I would have bought it in August and I would drive by each day realizing I gave up my dream home in an attempt to time the market).  No, I don't care one bit about that.  I'm also not even a little bit worried that in 5 or 10 years from now, my house won't have appreciated and I'll have lost money. 

Listen, if you're a seller in today's market, it's going to be tough.  Buyers have a lot to choose from, and more importantly, buyers are scared due to all the doom-sayers so they're just not buying as readily now.  It doesn't mean you can't sell a home.  It doesn't mean you're going to take a wash on your home.  It means you need to get your home in  perfect condition and price it right, probably lower than you want, probably lower than what many real estate agents will tell you, probably lower than you would have 6 months ago. 

If you're looking to move to Gig Harbor, or you want a bigger house in Gig Harbor, or your current house on the Gig Harbor waterfront is too big and you're looking to downsize to a condo, or any number of other possibilities, it really IS a good time to buy.  Why?  Because you're ready. And because real estate in this area has always proven to be a good long term investment.  And because renting a home, moving twice, and paying somebody else's mortgage doesn't sound fun to you.  And because you want to make memories in YOUR home.  I'm not saying that prices are at their lowest.  Maybe they are, maybe they aren't.  I don't know what interest rates are going to do, or what the government is going to come up with.  I know that I'm happy in my home.  I'm glad I'm paying my mortgage and not somebody else's.  I'm glad I feel proud that I'm a homeowner, and even though I can barely swing a hammer I could do whatever I wanted to this house to make it reflect me.  If you're thinking of relocating to Gig Harbor, or any real estate deals are in your future, don't listen to the Chicken Littles of our society.  Best not to listen to the scared real estate agents who are screaming everything is okay, either.  Listen to your instincts, your intellect after you've done your homework, and a realistic Realtor, and make your own decision.

I'm curious...what is your house to you...really?  Any fun stories or memories?  Any horror stories of how it's cost you money or wasn't the home you thought it was?  I'm just curious how others see their homes.

Comments (3)

Jackie Cross
Real Living All Florida Realty - Port St Lucie, FL
My home is my safe harbor which I do not want the storm to hit.  I know how you feel about all the negative remarks but this is affecting all of us or someone we know in many ways.  There is always a bright side to any situation but we do not always end up on that side.
Feb 23, 2008 03:42 AM
Melina Tomson
Tomson Burnham, llc Licensed in the State of Oregon - Salem, OR
Principal Broker/Owner, M.S.
We bought a great house that needs a lot of work in a great neighborhood. I still have my rust colored countertops after living here for 5 years, but have many homemade pizzas, brownies, cookies, gingerbread houses, breads, on and on with my 5 and 7 year olds.  I LIVE in my house.
Feb 23, 2008 03:59 AM
Connie Tebyani
Platinum Home Staging, Inc. : RESA-Pro - Calabasas, CA
Platinum Home Staging, Los Angeles and Ventura County

Our Home (yes, with a capitol H) is our haven & refuge.  It is warm , inviting and the door is always open.    My son's favorite song is "Homeward Bound" by Simon & Garfunkle - lol.  No, we're not hippies - he says he likes it because, "where my thoughts escape in...where my love waits silently for me..."  He calls me "love", he's 7...

As for the financial sky falling on the market - I believe it was TOTALLY media driven and would have only "stabilized", and not dropped out from under us - if the media had kept it's big mouth shut and not plastered the airwaves for 6 months with eminent doom.  Our house doubled in price over 5 years, and has since dropped almost 25% from the high - but still a VERY good investment.  

 

Feb 23, 2008 04:09 AM