Riding Out the Storm of Real Estate . Is real estate struggling? Is there a storm? Are we riding it, or riding it out?
Realtors I talk to are: optimistic, working harder than ever, looking forward to the future, getting out of the business, all of the above. Jim Morrison sang, “Riders of the Storm” but sometimes when I sing along, I change up the words.
Denver Real Estate is faring well as compared with much of the U.S., and while we still struggle in some segments of the market, others are very strong.
Buyers are the beneficiaries of this perfect storm. Rates are low, a positive in most buyers’ minds, and home prices have flattened enough to make any purchase a bargain or a great investment.
But in the words of Yogi Berra, “You’ve got to be very careful if you don’t know where you’re going, because you might not get there“. Consider yourself lucky to benefit from a home’s inflation after 5 -7 years, plan not to sell in less than 5 years. Also remember, you’ve had a place to live – to hang your hat and raise your family. Keep an eye on the tenet of real estate, “location, location, location.” As Yogi reminded us, know where you’re going.
Is this a time to panic? A time to despair? Is this the be all – end all storm? I think not. It’s a cycle, yeah a bad one, and what choice do we have but to live? Be smart, talk to a professional real estate broker and an experienced savvy lender before you decide to move. Figure out your upside and your downside as much as you can. It’s time to economize a bit, contingency plan, budget. It’s certainly not time to panic. What good does that do you?