Once the holidays are over and the new year turns, our phones begin to ring. January is the time when we begin to hear from most of our clients thinking of selling their home. For years, you've
Searching for Value
Dated: January 28 2021
Views: 166
We’re working with a buyer right now and have seen some properties she really likes. So far, she hasn’t made an offer. Why? She’s not going to compromise on her list of priorities just to have a quick purchase. In almost each home we’ve visited, the term value is the one that we most often discuss. We think we have a great idea of what this client wants and how much she wants to pay, but this idea of value is one that sometimes confuses us.
Off the cuff, the word value causes my mind to wander to our basic beliefs and motivation. They are the way we navigate choices and decisions in our life. We may value family, outdoor activities, great food, or breathtaking views. These motivate us to work, play, and love those in our sphere. Based on these values, we choose to use our talents, resources, and time to acquire our desires. In the real estate world, it is defined by the question, “What is important to me?” The answers to that question might be a location close to work, a big backyard, or granite countertops. At the same time, these priorities add the dimension of dollars and the cost to provide shelter. What is important is what you value. Therefore, value is subjective and different for every person.
From a more objective side, the popular metrics used to calculate the value of a property include demand, utility, scarcity, and the purchasing power of the consumer. The demand for housing is currently very high. Record low interest rates and a relatively stable job market are allowing families to purchase more expensive properties. On top of that, people are spending more time than ever at home, so they are looking to purchase property that fits those new needs. High demand with low supply leads to scarcity which leads to higher prices. But do higher prices mean that we no longer find value in the real estate market?
The answer to that question lies more in my original perception of the idea of value. If value means cheap or below market, then you are probably going to think the housing market is void of value right now. I encourage you to think of value in a different way. I’m here to attest that most of us always want more house, or anything, than we can afford. Some compromising when home buying is common. Has that changed? Nope. The price of housing is what it is right now. That means we find value when we look for properties that also contain the features we find important in our price range. Again, has that changed? Not at all.
What’s the best way to find value in today’s housing market? Make a list of what is important to you. Know what you can afford. Make your buying choices based on those two factors. You’ll be more satisfied than waiting for a drop in the market just to pay less for something you already know is a priority.
--William
William & Alison Smith
An internet search is easy. With just one click, we can find out more information than we can even read or sometimes understand. Finding information about real estate is not a problem. It’s finding ....
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