That’s right, I am finally starting to see the price of Real Estate in my neighborhood inch up.
Prices went down, down, down for 5 years, then they went flat for a year and a half, and now they are starting to revert.
If you are a seller and have been waiting for the right time to sell, it is time to start paying closer attention to what is happening in the market. Your time may be coming soon. If you are a buyer, whether as an investor or as an owner-user, it is time to seriously think about ‘pulling the trigger’ on something before things really begin to spiral upward. The last time things started to surge upward like this back in 2003/2004 most buyers didn’t buy until prices had been rising for some time, by then, they had already missed out on the real bargains. People who did have the foresight to buy at the beginning of that price surge all looked like Real Estate geniuses to their friends and family a few years later!
This speaks to the issue I covered in a recent blog when I said “If/when you get into a bidding war, don’t be shy about bidding aggressively so you actually win the bid.”
If you think your bid (offer) was too high, wait until the market fully rebounds (as it appears to be in the process of doing) and see what prices end up after that!
Then you’ll look at the bidding wars you lost ‘ back in 2012’ and see what the winning bids were (considerably lower than where the market will eventually bring prices up to) and you will say to yourself, “why didn’t I go higher back in 2012 and win the bid ??!!”
OK, well I’ve said what I had to say. If you want help getting a better understanding of all this or if you understand it very well and you just want help applying this information to your best advantage, call me anytime!