It’s November! That’s what I keep reminding myself of, but it’s still hard to believe. The good news is that we just enjoyed some ghoulish fun, and now we are moving into the comfy part of the year, perfect for spending time with family and friends.
It’s also a good time for a market update (my take anyway), some yummy recipes, and a few good home stories.
The market is not as scary as it may seem. Don’t let macro media stories sidetrack your future. Here are a few things to consider.
GOALS: Have they changed?
- Is your existing home meeting your needs? Is it the right size, style, and location?
- If you’re renting, are you tired of moving, negotiating new payments, and restrictions on what you can customize?
- If you are considering a vacation home/investment property, are you willing to give up months/years of rental income while you continue to rent from others, all while delaying memories that will come from the property?
RENT: It’s likely to rise without competition.
- The property owner typically passes on any inflation/rate hikes they experience to the renter.
- The owner must make a profit, so you aren’t paying “cost”.
- There is no incentive to stabilize or reduce rents without competition.
RATES: Lock in a rate now, you can always refinance.
- The only way to protect yourself from higher rates is to lock-in a rate before another increase.
- If rates drop, you can always refinance to the lower rate.
- Published rates aren’t necessarily the rates you are limited to. There are options.
HISTORY: It’s on your side!
- NO ONE can guarantee a property’s value will increase; however, history proves it’s the norm.
- home values in the Savannah area are ~70% higher as of Sept. 2022 vs. Sept. 2019, and ~11% higher even vs. Sept. 2021.
- Not all markets are the same. Savannah metro continues to grow. You cannot assume national statistics apply.
Be sure to check out all the content right here on my website, including live market data, rates, buying and selling tips, and the best search tools. Jason-Baggett.com – I’m here to listen and answer your questions.
Make your fairytale dreams a reality at these enchanting listings across Corcoran.
If you have a favorite prewar building on the Upper East Side, the odds are pretty good that it was designed by J.E.R. Carpenter.