If Only I Had Sold "X" Months Ago...
- Date: 2007-02-19 - Word Count: 455
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A home is unique in that it is both an investment and an abode where you can raise a family. When it comes time to sell, it is important to focus on the current situation, not the past.
The first half of this decade saw a sellers' market unlike any in recorded history. There were a combination of factors that created the perfect real estate storm. Borrowing money was easy and it could be done at historically low rates. This meant a lot of buyers had plenty of cash and they started spending it. The spending led to a lot of purchases. This in turn led to a reduction in the number of homes for sale, which led to massive appreciation rates and exploding home prices. It was a good time to be a homeowner or a person selling a property. Then things changed.
Starting in 2006, the sellers' market started to stall out. In fact, it flattened out completely and even started retreating in certain markets. Las Vegas had been showing appreciation rates at an obscene 25 percent a year as recently as 2005. Two years later, we are seeing homes in Vegas lose five to ten percent of their value. Yikes!
This can all lead to seller's remorse if you own a home. If you are even remotely considering selling your property, you can't help but think about how much more you would have made if you sold "x" months ago. If ever there was a potential cause of depression, this is it.
Well, you need to get over the fact your home was probably worth more a year ago. The real estate market is cyclical. Sometimes it is going to be up. Sometimes it is going to be down. Maybe you missed out on an extra $50,000 in sales price. While it can grate on your nerves, it really doesn't mean anything in the long run. Yes, you read that correctly.
Real estate was never meant to be a volatile investment. Looking at the value of property on a weekly or monthly basis is absurd. You must look at it over longer periods of time measured in years. Yes, the market may have pulled back a bit, but so what. Where do you think it will be in five years? Where was it five years ago?
Real estate helps you build wealth over a long period of time, not months. This basic fact of real estate was lost in the mad sellers' market early this decade. Well, that market is dead, but real estate is still a great investment in the long run.
Raynor James is with FSBOAmerica.org - get a free one month listing when you sell FSBO homes for sale by owner.
The first half of this decade saw a sellers' market unlike any in recorded history. There were a combination of factors that created the perfect real estate storm. Borrowing money was easy and it could be done at historically low rates. This meant a lot of buyers had plenty of cash and they started spending it. The spending led to a lot of purchases. This in turn led to a reduction in the number of homes for sale, which led to massive appreciation rates and exploding home prices. It was a good time to be a homeowner or a person selling a property. Then things changed.
Starting in 2006, the sellers' market started to stall out. In fact, it flattened out completely and even started retreating in certain markets. Las Vegas had been showing appreciation rates at an obscene 25 percent a year as recently as 2005. Two years later, we are seeing homes in Vegas lose five to ten percent of their value. Yikes!
This can all lead to seller's remorse if you own a home. If you are even remotely considering selling your property, you can't help but think about how much more you would have made if you sold "x" months ago. If ever there was a potential cause of depression, this is it.
Well, you need to get over the fact your home was probably worth more a year ago. The real estate market is cyclical. Sometimes it is going to be up. Sometimes it is going to be down. Maybe you missed out on an extra $50,000 in sales price. While it can grate on your nerves, it really doesn't mean anything in the long run. Yes, you read that correctly.
Real estate was never meant to be a volatile investment. Looking at the value of property on a weekly or monthly basis is absurd. You must look at it over longer periods of time measured in years. Yes, the market may have pulled back a bit, but so what. Where do you think it will be in five years? Where was it five years ago?
Real estate helps you build wealth over a long period of time, not months. This basic fact of real estate was lost in the mad sellers' market early this decade. Well, that market is dead, but real estate is still a great investment in the long run.
Raynor James is with FSBOAmerica.org - get a free one month listing when you sell FSBO homes for sale by owner.
Related Tags: property, real estate, home, selling, house, sell, seller, sold, remorse
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