9 Solid Real Estate Moves For Uncertain Times
You might feel unsure about the Glendale Ca real estate market right now. You just finished your first tax return after the recent income tax code changes, and you are still not sure if you won or lost. Or, if you won, you might wonder if things will change again. On top of this, you can’t figure out if the economy is good or bad. You’re even wondering if you should rent or buy!
Things seem pretty good right now, so why are so many people talking about an impending recession? Interest rates are not rising as fast as predicted, does that mean property values are NOT going to go down? Heck, WHEN are the property values going to plummet as they did in 2007? Should you wait until that happens to buy a home? If you sell now, will you be able to buy another home?
Here are 9 solid real estate moves to make right now.
1. Get pre-approved before interest rates rise.
It is only a matter of time for interest rates to rise. The good news is the Fed is not signaling a rise any time soon, but we notice interest rates can rise swiftly and with very little notice. Getting pre-approved NOW preserves your ability to act when you find that irresistible home. ProTip – we work with the most knowledgable lenders in town and they give our clients priority treatment!
2. Buy your second house FIRST.
I know. This sounds counterintuitive to the idea of a “safe” real estate move. It would seem like the “safe” idea is to buy the cheapest home you can get away with, right? You should always buy within your means. However, buying a home with too many compromises can be far more expensive when you factor in the cost of upgrading. If you can afford it, consider buying your second house, first.
3. If you NEED to sell your Glendale CA home, just do it.
No one has a crystal ball and we simply can’t know if selling conditions will be better (or worse) in the future. We know what conditions are like today. If you need to sell (as opposed to wanting to sell) don’t wait. Git ‘r’ done.
4. If it gives you more life – don’t wait.
You can’t go wrong with a move that makes your life better. Cut down your commute, better schools, get closer to your loved ones (and built-in baby sitters), get that one story no yard work condo so you can finally travel? Yeah, baby. You can’t go wrong because life is short.
5. Life changes, your home should, too.
Death, divorce, birth, death, illness, job transfers, promotions, layoffs – these things never wait for an opportune market. Trying to wait out the market while you are dealing with these life changes isn’t worth it. Start off married life in a studio apartment? Make huge mortgage payments on a single salary? Cram another kid into a 900 SF home? It isn’t worth it. Again, life is short.
6. Location, Location, Location.
If you are worried about the market crashing after you buy, buy the best location you can possibly afford. An “ugly” home in La Canada will do far better in a declining market than a sparkling new condo in South Glendale.
7. Condo Condo Condo
With “location” being said, condos are a fabulous opportunity! As prices and interests rise, condos are attractive and affordable. California has an acute housing shortage that will not be solved any time soon. Condos will likely remain a solid investment because they are more affordable.
8. Keep the budget!
While you should buy as much house as you can afford, stay within a comfortable budget! First-time buyers have the most difficulty understanding how their financial lives will change as a homeowner. Working with a knowledgable financial advisor is a wise move and can help you from spending too much…. or too little. ProTip: we have solid relationships with many well-credentialed financial advisors and wealth managers. We can hook you up!
9. Consider the ADU
This is a no-lose idea. The ADU (accessory dwelling unit) allows owners of homes in a single family neighborhood to build an additional living unit – convert a garage, add to the existing home, build a freestanding structure – that can house another family unit. You might rent this for additional income, use it for a home business or simply house an adult child or aging parents.
Are you ready to buy or sell Glendale Real Estate?
Maybe a “Buyer 101” session with a DIGGS certified Buyer Specialist is the ticket. Here’s what we cover in this 45 min meeting:
- How the buyer process works, soup to nuts
- How to make sure you don’t miss the best home
- How to avoid overpaying
- How to avoid buying a “money pit” home
- How to understand the offering process and avoid feeling pressured
Our Seller Consultation is a meeting designed to do similar education but from the seller’s point of view. Here’s what we cover:
- How to price your home to maximize profit
- The best time to sell your home
- How to avoid being on the market “forever”
- What to fix and what to leave alone
- The most profitable things to do before selling
- How to show your home to strangers
- How to make sure your perfect buyer finds your home and falls in love
You might be afraid – you don’t want to be sold, you aren’t in a rush, you feel like all salespeople are just looking to sell… but this isn’t a TV or even a car that you are looking to buy or sell. It’s a whole darn HOUSE.
You need some great information in order to make great decisions. We would like to find out if we can help you. For now, let’s not worry about timing. If we think we can work together the timing is purely on your terms.