We’re here today to discuss real estate “as the market turns”. I didn’t intentionally plan on naming this video after the soap opera, but the market is shifting and I need all of you to be prepared for it. We’ve been discussing the market shift for the last two years now, but I’m starting to have more difficult conversations with sellers about what to do with their property. In some situations, they have to reduce the price, selling at less than what their neighbors sold for a year ago. There a lot of tough decisions that sellers have to make right now.
"There a lot of tough decisions that sellers have to make right now."
I’m going to take you through a situation that happened to me personally. Remember, there
is a big difference between being able to sympathize and empathize. This is one situation in which
I can truly empathize with sellers that are perhaps a bit worried about selling their property.
In 2005, I bought a property at the top of the market for $323,000. I held onto that property as an
investment property for 11 years. At the end of 2016, I ended up having to sell the property for only
$230,000. Having to write a check for $95,000 wasn’t the easiest thing to do, but it was what I chose to do with the remaining money that made a huge difference.
For my property to get back to its original purchase price, it would take two full market cycles.
That’s well over 11 years. I starting thinking about where to put the money instead.
After a conversation with my financial advisor, I decided to pull my chips off the table and relocate
them into something that would give me a higher return.
I often have this very same conversation with our sellers. Sometimes you need to take the loss and move on, because there is a better investment that can
get you where you want to be. When I sit down and speak with you, I’m speaking from experience.
I’ve had to write that check, too. I know exactly how you feel.
If you’re currently in this situation about selling your home, let’s sit down and have a conversation.
We’ll come up with a decision based off facts instead of emotion.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon