It’s a gross understatement to say that much negativity has been reported on the state of the housing market recently. Last year all we heard was a seemingly-limitless amount of reporting from the national media about “how bad things are out there.” It seems as if every shred of data has been mined, extracted, analyzed and sliced to dramatize the point. But what’s amazing to me is that the most obvious of points has been missed:
The housing market has returned to where it should have been in the first place!
Allow me to explain…
We live in a time when yesterday is forgotten about almost instantaneously. I understand. But sometimes we have to hit pause and put things in their proper perspective.
America has had an active housing market since the early 1900s, and since that time, the basic principles haven’t changed: if you buy real estate, over time, the value will steadily increase. Kind of like the Cost of Living index which steadily rises year-over-year. And over the last century, the housing market has performed in this manner. Yes, some years it has increased or decreased more than others, but nothing too dramatic.
That is until 2005, when real estate went CRAZY! Prices shot up like a rocket. Straight up! And then, in 2006, the natural consequence happened: the rocket returned to earth just as dramatically as it rose. Such intense fluctuation required a full year to re-adjust and nurse our headaches – thank you 2007. But now we’re back to normal, where things should be, just as if the last three years never happened.
I say this because I keep hearing people comment that they are “waiting to buy.” It’s easy to understand why: the media has been very dramatic. But if you’re in the market for a new home today, the market conditions are like they should be: normal. Oh, except for one small point: THERE’S TONS OF INVENTORY, favoring the buyer.
Personally, I believe everyone should feel the joy of new home ownership. So whether you’re looking to buy for the first time or wanting to trade up, don’t be hesitant, be confident. Consider:
- A new home remains the best long-term investment available to your family.
- The Treasure Valley continues to grow at an aggressive rate, still topping many “best places to live” lists.
- With the recent Federal Reserve rate cuts, mortgage rates are at near-record lows.
Changes in our lives and personal goals tell us when it’s time to buy a new home. And it’s different for everyone. So please, don’t put your whole life and dreams on the back burner just for the sake of doing so. If your family has grown, if you’re ready for a new part of town or if you just crave something new, then you’re ready! And the housing market is ready for you. Go upon your home search with the utmost confidence. There’s plenty of inventory to choose from and your perfect home awaits. Go claim it, my friend.