The weather here in Nashville has given us quite a ride lately. Heavy (for us, anyway) snowfall followed by nearly a week of sub-freezing weather upended normal life here, leading to cancellations, delayed outcomes, frozen pipes, short tempers, and occasional broken bones and dented fenders. What a mess!
It reminds me of the last 18 months in the real estate market. Upended and messy!
So, what do we do with that? We roll with it and keep moving – carefully if you’re on an icy sidewalk, of course – but always moving.
How do we keep moving? By accepting what is, and dealing with things as they are. You don’t have to like it, but bitching about snow and ice won’t make it melt any faster. Likewise, moaning about interest rates won’t make them drop any sooner. And, complaining about lack of inventory won’t make the perfect listing magically appear.
Time to get real …
Sellers need to accept that the snatch-and-grab, multiple-offer rodeo is over for the time being. Yep, inventory is still tight, but asking a two-years-ago price for your property won’t get you a buyer. Accept that, and focus on your overall return. If you’ve been in the house more than a few years, you are still going to make money.
Buyers need to accept that 3% mortgage rates are over for the time being. Money is going to cost you more, but buying now is still the best overall approach. Remember – we marry the house, but we only date the rate. Things can move in your direction while you’re paying that mortgage, and you can make changes if they do.
Time to get creative …
Good lenders – I work with several – have ways to help mitigate circumstances that might be standing in the way of a purchase. Various rate buy-down plans, down payment assistance, and buy-before-you-sell products are available and worth looking into.
Good realtors – you’re reading one right now – have extraordinary and ever-expanding tools to find properties for buyers and market properties for sellers. It’s done with pixels and the web – and also with old fashioned hard work, shoe leather, and persistence. Those of us fortunate enough to be with PARKS have 1600 fellow agents to work with – finding and offering properties to the benefit of our clients. We do 30% of our sales in-house.
So, let’s all decide to roll with the punches and get into the action. No time like the present to join the party!