Have you ever started to do something you knew you wanted to do, everyone agreed with what you were doing, but for some reason, you couldn’t bring yourself to follow through on your decision. What was that? Have you always let life control you, rather than the other way around? Well, just so you know, it’s TRUST, that’s what you need more of to make big decisions. Trust yourself first, then trust those close to you, then trust who they trust.
We all go through a different process when we approach our life decisions. Some people are impulsive, even compulsive and get a lot done quickly, yet others need years of pondering before doing anything. Most of us fall somewhere in between. Truth is, most of the time, we can hardly get something major accomplished without the help of others. The general process itself takes a lot of factors into consideration, but it’s a matter of trust on everyone’s part, and when it comes to buying and selling a home, there is always more than one party involved.
I have worked with clients that have made timely well-thought out decisions and others that have regretted going through with their transactions. Sadly, there have been many that start the process, and never follow through. Some sellers even thought they should not have listed their home, because they didn’t really expect to get “lowball” offers, but in the last two years, the ones who decided to hold on are happy they did, since their homes have regained so much value. It’s safe to say now, that the most desirable inventory has stabilized and in some areas, inventory is rather scarce and now very pricey for many. Sure, it doesn’t help that mortgage rates are climbing again, but by historical standards, and I’m sure you’ve heard this, they are still quite low compared to the 1980’s. We really have conditioned ourselves to expect a mortgage rate utopia, but once inflation takes over, it really can’t stay this low forever.
The reason why inventory declined besides a lot of investors flipping properties with boatloads of cash, is because the demand has been growing higher than it’s ever been. Many found themselves competing and overbidding listing prices because the market was moving up rapidly. To be honest, it’s still rising, maybe not as fast as before, but make no mistake about it, we now have more buyers looking for a home and the demand is still there. It’s not just the bulk buyers anymore; now we are dealing with buyers that want their piece of the pie more; they are:
Previous homeowners that have been through short sales that are re-entering the market and are tired of renting.
Generation X and Y planting their feet in the ground, many are moving up and out and are more qualified than most people give them credit for…
Foreign traffic, we have a rich diverse population and thousands of people are relocating here from all over the world every year.
First time buyers who have been long term tenants that are realizing it’s cheaper to buy than to watch their rent continue to increase each year.
I don’t have to tell you anymore, whether you “shoulda” bought in the last few years, if you didn’t, you already know what happened. By the way, if you’ve been on the fence and know it’s your time to sell your home, understand that 42% of all listings in the United States have sold within 30 days in the last year, probably because they were cash deals. So, know that you need to be prepared to move when you actually list your home. If you don’t want to sell before you have a place to move your things to, there are always “Pods” and other options to help you keep your life moving forward.
Still think you woulda, coulda and shoulda? Well, hopefully this will be your year, and you will at least be more deliberate about all of your life changing decisions. Believe me, you will feel better knowing you made the ultimate decision vs. letting the economy put you in a place where you don’t want to be.