Happy New Year 2023! The 2022 holiday season was full of much needed love, laughter, celebrations, and cheer in spite of the roller coaster of an economic ride we have all been on for the last two years. So many of us are anxious to see what 2023 brings, but only time (and the Fed) will tell.
Many home buyers and sellers will try to time the market perfectly. I can’t tell you how many people I have heard relay to me recently that they are going to wait until the market crashes to buy. Having worked in the real estate industry for 25+ years, I can attest to the fact that we never know whether we were at an all-time “high” or “low” until we are on the other side of it. It is true that, as a home seller, one would have done much better if selling 6-9 months ago rather than right now. It is also true that as a home buyer, one would have benefitted from half the interest rate being charged now. The fact remains that people still need to move, and need housing, which will continue to push the movement in the real estate market in a forward direction, particularly in areas that benefit from vast and varied work sectors and suffer from a lack of sufficient housing units, such as our beloved San Diego.
My advice is this:
If you are considering buying a home this year, think LONG TERM. Gone are the days when you can count on making a profit within a 2 year time frame and then move on/up. This has always been the advice I gave to my clients, even prior to pandemic times and remains as such. 10 years from now, chances are you will be glad you paid that extra $10-$20k that the seller dug their heels in for. With that time frame in mind, consider the longevity the home offers. Is this a space your family can grow in, will you be able to be comfortable here for 7-10 years?
If you are a home seller, get ready to rumble! Buyers have more negotiability these days, but that doesn’t mean you are getting the short end of the stick. Likely, you are still benefitting from a significant profit, albeit not what it would ave been in the spring of 2022. Remember that selling a property and buying a property is most successful when there is a win on both sides. Prepare yourself for this and be strategic – both in your pricing and in your preparations. It is imperative to set your property apart from the others. You can do so by following the advice of a real estate professional regarding pre-marketing suggestions (paint, repairs, inspections, and staging for example).
If you have been considering buying and/or selling real estate, I would welcome the opportunity to meet with you and discuss what my proven strategies can do for you in 2023. Contact me at [email protected] or 619.944.2798!
May this year prove to be prosperous and joyful! I look forward to seeing you around the neighborhood!