A True Juggling Act – What should a Tri-Valley Buyer or Seller Do in this Real Estate Market?
September 15, 2008
At open houses… at listing presentations… at dinner parties… I get asked the same question everywhere. “When are we going to see this real estate market turn-around?” Good question. I wish I had a concrete answer.
I monitor the various media sources and do diligent research daily. The flip-flopping of opinions that occurs on this issue is prevalent. One day, reports claim that the market is doomed for the next few years, and the following day information appears that indicates a recovery will ensue.
The bottom line is that there are too many dynamic factors to make a case for either side at this time. In recent history, it would be fairly simple to throw out a line, “Well, I don’t have a crystal ball, but in my opinion Tri-Valley home prices will level off in the foreseeable future.” Now, I don’t even feel comfortable giving likely scenarios.
My prediction unease is market-dependent and well-founded. No one does have a crystal ball. Especially not now. In my opinion, there are too many other kinds of balls up in the air. The government involvement in Freddie Mac and Fannie Mae and the effect that will have on interest rates. Bank takeovers. Consumer confidence. The jobless rate. The presidential election. Also, what impacts are happening to our hyper-local economy in Dublin, San Ramon, Pleasanton, Livermore and Danville. Too many balls in the air.
If you are now considering selling and/or purchasing a home, don’t get caught up in only what the media is saying. Your primary focus should be on understanding your own motivation and your personal situation. Do you need to sell your home now? Are you currently renting and your lease is about to expire? Are you hoping to be close to a certain freeway to reduce your commute? Do you want to get settled near a certain school or in a certain school district before your child reaches school-age? Do you want to retire somewhere else? Are you being relocated? These things matter.
I would argue that what truly matters the most in the timing of real estate transactions is what matters inside your home, inside your heart. Clearly defining your justification for selling and/or purchasing a home will help you make (or not make) a move in any market environment. Of course, exact timing of a purchase or a sale could possibly return you more or less money. But, in the end no one has a crystal ball and being happily settled in your home and your decisions means a few less balls up in the air for you.
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