Stop listening to the media and remember that all economies are local, not global. But do listen to your own knowledge and thoughts about real estate.
Sometimes it feels like the world has gotten so small. Something happens in Australia and within seconds we know all about it.
But in reality, every single place has its own particular set of issues, and you cannot apply something you hear about another state to our beautiful Bay Area.
Is there inflation, yes, is there a Fed that is trying to stop that inflation by raising interest rates? Yes, but Buyers have caught on that this is the new norm, and they are out there in droves – I have been in three bidding wars with my own buyers this week alone. Last weekend I had 10 open houses and all of them were very well attended, except for the one that has been on the market a very long time (too long). I am changing up the marketing on that one and just got a serious price reduction, so next weekend should be better- the voice of the buyers is being listened to.
So, just remember to think about things you like and don't like about properties when considering putting your own property on the market. Listen to your own thoughts about the things you would have liked to do to the property while you have owned it. Likely, they are what a new owner would want too.
Be realistic about pricing, and also take into deep consideration the things about your house that are not desirable, or that need to be repaired, and make sure you adjust your expectations accordingly. Don't expect to sell your house quickly if you are directly adjacent to one of the recent slide zones. During the fires a couple of years ago, hill houses high up were all just sitting there. People are aware of safety issues and take them very seriously. I live in the Claremont Knolls, and have driven past the huge hill that recently had a huge slide every day for literally over a decade. We all knew that it looked precarious forever- it was a matter of when, not if there would be some sort of issue with it.
If you are selling a house on a hillside- look into getting a drainage inspection- with the recent deluge we had, people have that on their minds. With all the water that flooded basements, make sure to look and smell carefully for signs of water intrusion before putting a house on the market and if there is any hint of it, get a mold inspection just for safety's sake- don't leave it up to the buyers to figure these things out, it will never help you and only hurt you in a sale.
But most of all, listen to your own needs when contemplating a sale of property. Make sure you have a strong agent with whom you can have a real substantive conversation about all the variables of a sale. And when you do, listen carefully to what they say, and fight the urge to think just about money- think about what the change will mean for you and your loved ones, and listen to your heart.