The words “housing market downturn” can spark fear in our hearts. The U.S. housing market goes through cycles and is tied to a variety of factors from the stock market to rising construction costs to changes in interest rates and mostly to consumer confidence. Nationally, prices for homes have now some buyers and sellers may be aware of a housing market downturn on the horizon but are confused about what that means for their current situation.
Most consumers will initially turn to the internet for information about buying and selling. A home is more than just shelter; it is an investment. Viewing real estate through this lens lets you determine whether your current home is affordable and if it is still meeting your needs. Just like any investment which you own you should know it’s real current value. You can’t get a real time true value of your home until the internet can go inside both your home and your head. Until that time comes, your best bet is to ask a local agent for a Strategic Pricing Analysis (SPA).
It’s a 1-page list of 15 properties like yours that a buyer would consider if they we’re buying today. It’s most accurate after a short personal preview of the property. The internet robots will be able to do this after the next market correction but now it takes a real personal advisor, with a license and local market knowledge. While some may be tempted to renovate existing property to suit their needs, sinking $40,000 into renovations can be hard to recoup in the short run, or during an economic downturn.
Unstable soil on our canal and beach lots can require soil tests and elevation certificates. Old seawalls can create sinkholes. Short term rental rule violators can decrease your value. Lack of responsible development in our 17 little beach towns can cause buyers to reject the area. Rising interest rates can severely impact affordability.
Growing families may feel crowded in the home they bought several years ago, while; older folks may find they need a home with everything on one level. If your first floor is on the ground as 75% are, your value is much less than the 25% of elevated structures. Selling and buying on barrier islands is more complicated than most mainland sales. It’s a good time to considering selling.
Inventory is increasing. The laws of supply and demand are kicking in. If you want to discuss your personal real estate barrier island real estate situation I’d be happy to help you figure things out. The beaches keep me excited to help people thrive during the next economic cycle.
To learn more contact one of our agents or participate in our weekly “REAL BEACH TALKS, each Tuesday 4 -5PM, at 5050 Gulf Blvd., SPB or online at https://www.facebook.com/jim.beggins to share area specific area specific news.
All the best, Jim “Property Wizard” Beggins, Broker, CENTURY 21Beggins Enterprises, with 10 offices and 400 agents serving Pinellas, Hillsborough, Manatee and Sarasota Counties. Since most opinions about real estate can be supported with facts. I will inform you to the best of my ability so you can unconfuse the facts to your personal advantage. I think I can use my “hands on” experience in Florida real estate since 1972 to achieve your desired outcome. Please let me know how I’m doing. mailto:jimbeggins@c21be.com 727 254 8144 Cell. Call, text or email with any questions.
By Jim Beggins of Century 21 Beggins Enterprises