State of the Market, By Lorie
Thursday, September 29th, 2011
So here we are again, the end of another year. For me I will be completing my 32nd year in “the biz”. Wow, where did 32 years go? I started when my son was a baby ( he’ll be 32 next week). I remember having a client come sign his escrow papers at my home while Daniel played in his playpen. Do young mothers have playpens anymore? I rarely see them in the homes I walk through. Why all this nostalgia? Well, it’s about real estate and the market and my personal experience with it.
When I first purchase my starter home in 1978, I remember telling my parents that this little 2 bedroom 1 bath would be worth $100,000 one day.
My mother blew me off and said, “No way in hell.” She could be very strong with her opinions. So, 3 years later I sold it for 145,000 and made my next move closer to the beach.
I’ve seen market after market go up and down through the decades.
One thing I know for sure is that it will eventually go up again. Why wait?
If you own a home and the market is down, that means you can buy your next “step up” home at a low price. Buying a home for your family is not necessarily to look at as an investment but as a place to live, raise your kids and enjoy your life. If someday it’s gone up in price…yahoo!
Remember, it’s your home!
In 1982 I got stuck in a 3 bedroom 1 bath home. My kids stayed there until 1992. The market rose a little through the years and then I was able to sell it in a lousy market and buy a larger home in a lousy market that finally allowed my 12 year old and my 7 year old to now have their own rooms.
Did they turn out wrong because they shared a room for numerous years? I don’t think so.
Although our little house was small, it was our home. It was more about location than anything else for us. We lived in a 1000 sq. foot, 3 blocks to the beach, town and school. It actually made my life simpler since on the weekends, we didn’t have to pack the car! Oh, let me see….What do they say? Location, location, location!
So today I look at my real estate. I don’t have a lot but what I do have makes me happy. Isn’t that the real quest in life?
This market is one of the best I’ve seen in a long time. No craziness like 2005, lowest rates ever and softer prices. Will it go up again? Likely but it will be many more years, in my opinion. So for most of you, stay put. For others, it’s time to take the plunge to the better, bigger home.
Come in, the water is warm.
