I just returned from another great family beach trip to Hilton Head Island, South Carolina. Normal people would call it a vacation, but it’s really more of a change of location as there’s generally a fair amount of work this time of the year. Getting away in the summertime means you better bring your cell phone if you are a real estate agent. I can’t complain. This is the life we choose, and I love it.
While hanging on the beach, the kids always create their sand castles close to the crashing ocean waves. Despite my best efforts to explain the changing tides, they continue unmercifully building their sand castle creations within harm’s way. Eventually every day the rising tide takes their giant granular masterpieces, and there is a feeling of disappointment in their eyes as their hard work is swept out to sea.
It reminded me of this real estate market. Things are good, right? I mean, your house is probably worth more than you paid for it by now. If it’s not, it’ll soon be. Rates are at a three year low, and your buddy’s house in the neighborhood just went into a mega multiple offer scenario and yielded an ungodly number in less than a week on the market. So, it’s got you thinking. Now is the time to sell out and move up to that dream neighborhood that you’ve always wanted. Although it’s still a stretch for you to get there, you can now afford the least expensive homes in that dream neighborhood, and you are really tempted. You’re tempted by that home that sits way up on a hill where your car scrapes every day going up the driveway. The thought of paying flood insurance for a home in the flood plain doesn’t seem so bad now if you get into that neighborhood. After all, the likelihood of the creek cresting and flooding your home is pretty low, right? That home that abuts the propane gas line or the Georgia Power lines sure does have a lot of great play space for the kids. Just stop it! If I gotta wrestle the gun out of your hand, I will.
They say the rising tide raises all boats, and the same is true in real estate. Even the least desirable properties seem like a value in an up market, but the real value in an up market is securing a great home that will weather the market undulations. In fact, I’ve oftentimes said that the best time to buy a great piece of property is always, no matter the market. We can’t lose track of what good real estate looks like:
We want to avoid concerns that we can’t change. For instance, let’s not do extreme topography in the lot, flood plains, power lines, houses in a hole or up a cliff, super busy roads, etc. The Peters Company is a consulting real estate team. That means we are always looking out for you and your best interests. We want you to make sound decisions that yield you great returns regardless of the market. Let’s get started today! www.ThePetersCompany.com
Written by Andy Peters