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Market Intel...Some thoughts about 2021

Updated: Apr 23


FEAR IS AN OBSTACLE TO MANY THINGS.... INCLUDING WEALTH

We are in a really interesting and sometimes, confusing time. Listen to the news and many of us may think, "Whoa, what in the world?!, Is there an end to this? WHAT is the end to this?" It can make us scared and bring up a lot of doubts....But, since this newsletter is supposed to be about real estate, maybe we can bring things back around to "Houses are so expensive! Should I wait or get in now?" The answer to that question can be really complicated, and also requires a lot of self reflection and a look into your own financial and emotional well being. No one wants to make a mistake and do the wrong thing, but one thing we know, is that there is only so much you can personally control. Don't let fear control you! There are many real estate market economy experts out there. If you are looking for specifics we can direct you to the opinion of those who are known in the industry; some of who have given a snapshot or "prediction" of what they think will happen over the next few years based on data. Why are things so crazy right now? Here is what we are seeing, going into this year: 1. Interest rates are low 2. Inventory of houses under $1M is low 3. There are A LOT of millennial buyers What does that spell? Bidding wars and higher prices. Some experts say we will be in this similar situation for the next 3 years, based on data. Questions you might want to ask yourself: How much rent do I want to continue to pay in order to wait to bank on housing prices coming down? And if I wait, is the amount that I think I am 'saving' equal to the amount of rent I am paying and using to pay off my landlord's mortgage? What would I do if I wasn't afraid?

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