Real estate was on fire in 1977 and thru most of 1978 but then…
I remember those days. I was working like the young (22 year old), extremely motivated and competitive guy in the real estate business that I was. I was literally being hired every week by sellers to sell their homes and often times they sold in just hours of going live!
Multiple offers, high prices, great interest rates – under 10% – was considered great then! We were all buying investment properties and leveraging them to the hilt…this wild ride was never going to end! Heck we didn’t even care if we had to feed the rental properties every month to cover the mortgages.
We thought we were making so much money we needed the write off!
FOOLS WE WERE!
Then it came as a huge shock when rates began to climb and climb and climb. The market went dead and it felt like it happened over night AND we were all befuddled as to why interest rates kept going up all but killing the market.
The investments that we were feeding? Foreclosed! One of my closest friends lost 97 rental properties in just 18 months…sad really.
Thanks to the benefits of being a real estate professional for so long – 40 years or so – I have gotten pretty good at feeling what’s coming in the market. And it is going to take most people by surprise…again!
Here’s the way I feel it.
I’ve been advising my clients, family and closest friends to sell before the end of 2016…if they’re even considering a move in the next 1-4 years. Why? Because the shift is coming and I believe that sellers can maximize their proceeds faster, better and for more right now then they will if they wait.
Sure you might feel like you’ve left money on the table when your home sells in a week or less. That’s perfectly normal. But I will guarantee you that when homes start to linger on the market and the price you could have gotten in 2016 is no longer possible in 2017 – 2019 you will not be a happy camper! Especially if interest rates rise – and they will – and now you are not able to qualify to purchase even if you are able to sell.
Now I don’t think interest rates will rise to 18+% like they did in 1981 but something else will happen to cause the next correction. Who knows what. Nobody predicted the precipitous rise in rates back in 1979-1982 either.
So I can’t tell you what the cause will be but it is coming and I think sooner than later. Will it be the stock market? A catastrophic event? An extreme terrorist attack? Or even an American revolution?
I don’t know.
But if you are putting off selling and yet you are serious about selling in the near future…stop procrastinating!
Call your favorite real estate professional (my cell number is 503-913-8218) and get the process going.
Here’s what I’ll do immediately when you call:
- Ask you some questions to help assess the situation
- Set up a convenient time for you to have me come and preview your property
- Then I’ll finish my research of all the current facts-of-record to determine a fair market value
- Then we’ll go over my research, set up a customized marketing strategy to maximize your proceeds, and finalize the paperwork
Then the fun begins!
The other thing that can happen is that you are not ready to sell but do value the market research that I’ll do for you. That way you’ll know for certain where the market is in your neighborhood and what to expect you’d sell for today.
AND there’s more! I’ll communicate monthly with those that are interested in staying on top of the market in general as well as for their specific home. It’ll be a digital newsletter or I’ll actually print it and snail mail it to you if you prefer that will keep you informed in a sort of entertaining story telling way.
Either way I live to talk real estate and marketing with interested/interesting people so I welcome your calls even if it’s just to shoot the breeze!
Hope you all have a Terrific Tuesday!
Your Real Estate Advocate Since 1977