Howâ€™s the Market These Days?
The first question I get asked when I tell someone Iâ€™m a Real Estate agent is â€œHow are you doing in this market?â€ I am doing great. I am constantly busy with my buyers and just recently closed another escrow, so canâ€™t complain.
Up and coming Frogtown is a laid back artsy neighborhood
A follow up question can be one (or more, or all) of these: Howâ€™s the market? Where is the market going? Are people buying? Are banks lending money?â€¦ Well, the market segment Iâ€™ve been focusing on, homes for under $750K, has been great. There is a lot of movement and a home does not stay long on the market if it is priced right. And yes, people are buying and selling every day and banks are lending money to plenty of people, if they qualify and can afford the home theyâ€™re trying to buy.
A Matter of Perspective
Perhaps I am more of an optimist than the next guy, I always have been. But in this situation, it also has to do with the fact that I was not around during the last Real Estate boom where it was a free for all. Anybody could buy any home they wanted, whether they could afford it or not and home prices were sky rocketing and people were making a ton of money by simply hanging on to a house for a couple of months then selling it. Yes, perhaps in comparison to those days, for an agent or a buyer or a seller, these days are not as great.
Four Square is one of my favorite new places to eat in Eagle Rock's Restaurant Row.
But regardless, I believe it is a great time to buy now. And itâ€™s good to know thatÂ 80% of the adults in the US still believe that owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March. And itâ€™s even a better investment when the current low prices and the historically low interest.
So, Why Should You Care?
The fact that you can buy a single family residence for up to $750K or a 4-unit property for up to $1.45Million with as little as 3.5% down is amazing. The fact that you can buy foreclosed or short sale properties for under market value and instantly build equity with some updates and cleaning up is encouraging. And the fact that you can buy a small place for as little as what you pay for rent every month and be a proud homeowner, well thatâ€™s simply awesome.
My neighborhood. Historic Adam's Hill has small homes and amazing views. Perfect neighborhood for first time buyers.
I enjoy the process of searching and finding just the right home for each buyer and try to make it as enjoyable as possible for them as well. And luckily, once buyers become homeowners, they quickly forget all the pain and frustrations of the home buying process. All they know is that they are happy they bought that home, and hopefully happy that I was their agent.