How will I know when we hit the bottom? That was my client's question as he mulled over the pros and cons of submitting an offer. You won't, was my response.
It will take months for the numbers to be totaled, tallied and analyzed. Graphs and charts will pinpoint the low by the year, month, and probably the day, it occurred. Meanwhile the home that was perfect for his family, his commute and within walking distance to the elementary school for his children will house another family.
The waiting game is a gamble. Yes, maybe the prices will drop. Yes, maybe a better house will come on the market. Yes, maybe the interest rates will go down. But life changes drive the real estate market.
My top five clients at the moment are stirring up my real estate activity due to these life changes:
- Birth of twins! Suddenly the romantic cottage is no longer an option. Upsizing is a necessity.
- Career advancement. It's an opportunity of a lifetime in another state and will require uprooting and moving.
- Retirement. Can travel be far behind? I'm searching for a condo and she's checking out cruises.
- Divorce. Need I say more?
- Debt. His company was sold, and he's unemployed and saddled with a large mortgage hit each month.
Change is constant and it is a powerful force in the real estate world. Life does not stop for a down market. The investors may be taking a break, the lenders may be restructuring their loan policies, the flippers have vanished, but to quote the familiar, life goes on.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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