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"How's the Market?"

 "How's the Market?"

Traditionally, when someone new finds out that you are in real estate, their first line is "How's the market?"  For some reason nowadays, many people seem to think they know how the market is and want to tell you all about it.  Which is kind of funny because we're seeing things in the current market that are unprecedented.  Covid created widespread changes to the way companies do business.  Working from home became the norm for much of the workforce almost overnight.  

People now need more room in their homes.  Room for an office.  If you're a couple, perhaps 2 offices.  Add in some kids, and you may need to consider space for home schooling.  Our social/recreational lives have also been turned upside down. Many consider the need for a home theater, game room, family room, etc no longer optional.  A back yard with room for a fire pit, barbeque, corn hole court, outdoor dining area.  You can't have this all in an urban setting.  Which is just as well, because "social distancing" is easier when you move out of the congested urban areas.  

People are tending to hold onto their homes longer these days.  Before the housing bubble in the mid 2000's, people used to own their homes for 6-7 years.  These days the median length of ownership is 13 years.  So if you have a home that fits the above bill, you'll likely want to hold onto it.  

But interest rates are low...really low.  There's no way to argue that it is a great time to buy.  Even if the cost of your new home is higher than it would have been a year or two ago, the money you save in interest could still make it worthwhile.

So 2020 brought a world of change and uncertainty to every aspect of our lives.  If you're thinking of making a change, be ready.  Get your pre-approval, know what you can afford, contact your agent and set up a market watch.  The market inventory is tight, and properly priced homes don't stay available for long.  When you find your new dream home, be ready to pounce.  

I can help you with that.

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