Making bread and watching the Market - March 2020

Dated: March 19 2020

Views: 310

I started real estate in 2011, I had originally worked in real estate development in 2007- 2008. It inevitably got hit, and all of my projects got put on hold and I didn't have a job anymore. I got my license in 2011 instead of developing real estate. The biggest things we learned from going through 2007-2013, which was a very different climate, and I'm not directly comparing it to what was going on. But in speaking directly about real estate and what was struggling, and I was kind of known as the queen of foreclosure in Kelowna. It was really unfortunate, but I was in court at least once a week, a couple times a month, working with buyers purchasing foreclosures. We haven't seen many foreclosures in a really long time, which is encouraging. It was only a year or two when I started that we really had a lot of foreclosures going on. 2009 is kind of when the market went over that hump, and then it settled, and then it started to climb, and then we hit that peak about 2016. So anyone who'd purchased their home in kind of the bottom of the barrel saw this huge appreciation and value, almost $200,000 for the average single-family home. We were hovering around $450,000 for the average single-family home, and then it went all the way up to almost $700,000. So really, really great appreciation and value in technically a short amount of time. This brings me to my next point, right now we have amazing interest rates, some of the best interest rates in history. If you can purchase right now or in the coming foreseeable future, you are getting amazing rates. So, that's going to help you out in the longterm. The reason why I got into real estate is because I like real estate investing, reading Rich Dad Poor Dad, that was my driving force. I thought it was just this cool, sexy world that dorky me at 15 thought, "That is what I want to do." So looking at it as a future investment for yourself, I always pose to my clients, "What are we going to look like in a longterm picture? Are you getting in over your head? What if the market does go down?" Always at least plan to stay in your home for five years. If you can, 10. Then you're going to find that appreciation of value, and always look at it in a longterm plan. I'm going to sit you down and really focus on what your longterm plan is. How is this contributing to your retirement, and to your kids' future, and everything like that. My prediction, don't have a crystal ball, but there's going to be a lot of pent-up demand. There's going to be a lot of people looking and a lot of people ready to sell. But there's current listings that are on the market that are already ready, willing, and able to sell and have a reason to sell. And if you do want to hold off, I totally respect that, but you're going to be competing with all these other people that have been waiting. So if we have this two week, month long pause, all of those people that were getting ready to purchase originally and were holding off now, they're all going to be running to buy those houses. A lot of people are super concerned about what is going on with the market. Is the value of my house going to drop drastically? It might. But you also need to know that whatever market you sell in, you're going to buy in. If your house price goes down, so does what you're going to buy next go down. Those people that were buying and selling 2016, if you were buying, you had a really, really hard time, multiple offers, spending more money. Keep that in mind that if you are holding off, if you have the ability to go show, you're healthy, I'm healthy, the seller's healthy, then let's make it happen. Where there's certain measures that we can take to protect ourselves obviously against getting sick, but just keep in mind there's preventative measures that we can take, including virtual tours and writing viewing clauses into your contract. I can FaceTime, we can do a YouTube video or have the seller conduct a live walkthrough with us, lost of options. What I do with my listings is offer 3D photography, and I send a photographer in and they take a 3D tour. This tour is exactly like walking through Google maps where you can look up, down, walk through all the rooms, and they're actually having virtual reality headsets, which I kind of think is where the future might be going, especially since people are aware of this. So if you are listing, take advantage of those REALTORS® like me that do provide this service to you, and also have a look at those 3D tours online. ( Because you really can't hide anything with those. We don't know what's going to happen in the next little bit here. take a positive prospective, practice some new skills.... I'm currently making bread which I have not made in 20 years, but why not! Treat it like the two weeks of Christmas. Kind Regards, Tiffany Munsey A Licensed REALTOR® 778.214.4843 eXp Realty


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Tiffany Munsey

Born and raised in the Okanagan, Tiffany Munsey an Award Winning Realtor in the Okanagan offers you first hand knowledge of the entire Okanagan Valley from being born and raised on a rural farm outsid....

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