05/11/2022
For the many who have never known a major shifting market in their lifetime, it’s totally understandable to think - all shall pass - and what is happening within the economy today will - go back to normal soon enough. Why are the generation of the last 20 years saying that? Because “it’s all they’ve known” up, up, up, small marginal stalls and then up, up and up again! For all my Realtors / Brokers friends - these will be hectic times for you; you’ll be listing like never before for those with less than 20 years in the game. For those Realtors / Brokers who know better, these times will quickly bring back many memories of the early 90s. MOST IMPORTANTLY - “don’t panic” - although it will most likely be recorded that the top peak of the most historical R.E market ever - was most likely February 2022, it is still the absolute best time to get any asset that isn’t your long term keepers on the market soon - but very important to realize - if you list too high now, you’ll experience what we in the industry- used to call “the real estate slide” - meaning - you’ll list way to high and then in short time have to reduce down, likely at minimum to what you should have originally listed at, and then, it won’t be enough and that is where the R.E slide downward begins. So, be smart today, make sure - you list bang on the money or be smart - a tad lower (my recommendation) and get that beautiful, well earned equity you’ve worked so hard for - out - pay down debt and last but not least, although I’ve always been an advocate of variable mortgage rates fundamentally - for all your investment keepers on variables - 10 year fixed - is and will be likely your best bet - don’t do a 5 year fixed (you’ll regret it). (Many) may still think this guy is crazy or outright wrong, trust me - I’m providing sound advice to those who may listen. The time is clearly now, too many extremely unusual factors unfolding all at once, in many ways, like never seen before in history. More Food for Thought 💭 I’m always here to chat - it’s what I do best - it’s is my business to know.