When the market gets to you…

picture-10It happens to the best of us, we all get bummed out from time to time.  I literally grew up in this business.  I spent my first 7 years in the first Corias home ever built, my family survived the 80s and the tech bust and everything inbetween.  And we’re set up to survive this time around as well.

But to be honest, this week, it has all really gotten to me.  I’m just in a funk over both the attitudes toward our current times as well as the ripples we are feeling here in Austin.  I was thinking about how now is different from the good ole’ days of the middle of this decade and other strong markets.  What’s different?  I noticed how every time I found a home for someone, I could give them 10 reasons why it would be hard to resell.  And I mean every time.  It got me thinking, all of these homes would sell in under 100 days a few years ago, even the one with no back yard, even the one with 5 bedrooms and only 2 bathrooms.  In up markets, pretty much everything sells.  Now we are watching buyers as they sit and age on the fence.  In the meantime, the homes are aging, rates are going up, and opportunities are being passed by.

I don’t think that an aged buyer is the best buyer.  I don’t mean how old you are, I mean how old your search for your next home is.  Waiting and waiting serves no one, yet there are justifications for being cautious.  Will that home resell?  My new answer is yes!  Maybe not quickly in the current climate, but in a strong market, anything is possible.  Someone will love the same things about that home that you love.  Maybe you will sell in another slow market and it may take 6-9 months to sell your home instead of 60-90 days.  But it will sell.  And would you be this picky in an up market?  Of course not.  If you wait months to put in an offer in a sellers market in Austin, you’re very likely out of luck.

But buyers are faced with troubles as well, not just sellers.  Sure, the amazingly low interest rates mean a great deal and quite possibly more house and there are still plenty of loans out there.  Those with troubled credit can even find seller-financing.  But buyers often also have to make a great deal of decisions.  “Do we sell our house first?  Should we refinance instead?  Should we remodel?”  These are all legitimate questions.  And the answers may be easier than you think.

Don’t torture yourself! These decisions are emotional ones.  When I have an emotional decision, I like to bring in a third, non-emotional party who can objectively explain facts and information to me.  This is my job in these times.  Not to be bummed out, not to cry over slow sales, not to cry over the state of the economy… to use my knowledge and experience in this industry to help you decide if it is the right time for you to move, refinance, or remodel.

You may think I just want your listing or you as a buyer client.  But there are other ways I get paid, and if you need help with any of these questions over refinancing, remodeling, etc., ask me!  I’d be more than happy to help you with your decisions, weiging options, and letting you just generally pick my brain so you can benefit from the knowledge and experience I have gained from nearly 3 decades in construction, remodeling, sales, and financing it all.

I’m still allowed to get bummed out from time to time, but when we do, remember there is always someone out there with an objective view that can help.

Top Question: Is now a good time to refinance?

moneyThis is one of the top 3 questions we are getting right now.  The answer is simple… probably.  I work with some of the best lenders in town, and if you have a mortgage at a rate greater than 6% APR, chances are that you can save money with a refinance.

There are other things to consider as well, such as how long you plan to stay in the house, what kind of equity you have, etc..  And if you have a great deal of equity, this may be a great time to refinance at a lower rate and take some equity out for that home improvement project.  Just understand that I’m making this suggestion based on a refinance, not a home equity loan.  It is also a great idea to have your Realtor® come out to make some recommendations for you on getting the most out of your home improvement project (a good Realtor® won’t mind because a- they love their job, and b- they’ll still be around when you do decide to sell).  When it does come time to sell, some projects will bring you much more value that others and this depends heavily on your location and your home.