“Staying the Course” Still A Winning Philosophy in Real Estate These Days

The recent announcement that home sales were again down across the country and across New Jersey may not have been a surprise, but it has had a few people who have asked me if having their home on the market is the right thing to do.  I don’t even hesitate when I answer: It’s the best time to be selling your home.

The constant drum beat of bad economic news, topped by a recent court decision that will flood the market with foreclosures, has some people reconsidering their decisions to sell or buy homes. But the agents at the Holmquist Team are telling people that unless your personal circumstances have changed, the best real estate move is to stay the course.

It’s scary, there’s no doubt about it.  But if selling your home was the right decision yesterday, it’s probably the right decision today.  While all the bad news is enough to make anyone run and hide, my colleagues and I counsel people to make decisions based on their personal circumstances, not what some reporter is writing about.

Here are four questions to ask yourself before you change your real estate plans:

1. Have your personal circumstances changed? Is your income or family status changing? Are you making significant lifestyle changes?
2. What’s going on with the price of sales and sales pace of homes where you’re buying or selling? Don’t worry about what’s happening in the next town or even in the next block. Real estate is the ultimate local business. 
3. If you’re buying, do you want to take advantage of the current interest rates?  Have you found a home you really like? There are no guarantees that rates won’t go up or that the home you like will be available next week.
4. If you’re selling, we know you don’t like the price you’re getting. We tell people they’ll hate the price when they sign the contract, but they’ll love it six months later if prices go down more.

You’ve got to be realistic and work with a team of Realtors who will be straight with you, give you good advice even if it isn’t what you want to hear, and work hard for you. If your circumstances suggest that it’s time to buy or sell a home, there’s no time like the present. A realistic appraisal of the local market and your personal circumstances, along with good advice from a Realtor, will give you the confidence to move ahead. We think you’ll not only be satisfied, but you’ll be amazed at what a smart consumer you’ll turn out to be.