Just like many of you, I want to buy a house but am wondering if now is the right time.
It’s expensive as ____ out there and stretching to buy something exciting is scary as ____. This is true in normal times, truer now amid the doom and gloom. Inflation, interest rates, recession, war…the drum beats on.
As a real estate broker, I’m not in the business of predicting the economy. I’m in the business of helping people make effective real estate decisions. So, as my own coach, I’m working overtime to practice what I preach and realize that now might be my perfect time after all.
Here’s what I’m telling myself:
Interest Rates Don’t Matter: Once you determine what you can afford (something I leave to financial advisors), fretting over future interest rate movement isn’t worth the energy. Either interest rates will go up and you’ll look like a genius, or they’ll go down and you’ll refinance.
Uncertainty Cuts Both Ways: As a buyer, it’s important to remember that when you’re worrying about the market, a seller somewhere is worrying about the market at the same time. Uncertainty often equals opportunity.
Take Shots: No, not that kind of shots (although they might help). I mean, instead of sitting on the sidelines waiting and wondering, feel empowered to make offers more aggressively below list price than you think might normally have a prayer. Create a fact-based argument to accompany your offer, and take a shot, you never know what motivates sellers, or what keeps them up at night.
Real Estate Is Not An Investment: For most of us who don’t invest in real estate professionally, real estate is not an investment, it’s home, it’s where we live, it’s where we create memories. Let life dictate your decision rather than the market dictating your life. Decisions timed to your life, rather than the market, will be more effective and will create a happy place where everything else going on in the world will matter less.
Ask an Expert: We all read the headlines, we all get the Zillow notifications, but do we really know what’s going on out there? Even as a real estate broker, I need to constantly solicit the advice and opinions of my peers in the industry. I learn something new every time. Local markets are highly segmented and nuanced, and if you think you know, you have no idea.
The best part of my job is helping people find home and realize their dreams through real estate. Once fear of the unknown is overcome, buying a home is an incredibly empowering experience. If you want to buy a house, chances are this could be your perfect time.