REAL ESTATE TIPS: Take note that market is different in other areas
While many people are from Ohio, the Ohio they experience might look completely different than the Ohio we experience. Differences are sometimes important to note.
For example, the first year of our marriage we lived in Bowling Green while Andy finished college and I taught in Fremont. One particular day, our carpool of three teachers was driving from our homes in BG to work. Luckily I was not driving that week because the visibility was terrible. The fog was so bad, we weren’t sure if we were going to make it to school on time. Halfway there, we received the notification. School had been canceled. We had a fog day. You heard that right – a fog day. Something I had never heard of in my entire life. Snow day, yes. But fog day? The landscape there is different. It is so flat, that fog is a real issue – real enough to cancel school. So we drove back to BG, I went back to bed for a bit and then Andy and I enjoyed what turned out to be a gorgeous day once the fog lifted by squirrel hunting in the woods. Well, he squirrel hunted, I just hung out with him. It was the one and only fog day I ever experienced. Their part of Ohio is different than ours.
The same is true on the national level. Things look different in different areas or states, and that can be important to note, especially with regards to real estate.
The boys and I were watching “Flip or Flop” one time a few years ago. The house they were looking to flip was disgusting and completely uninhabitable. Yet the price that house cost in its current condition was more than most nice homes cost in our market (something I made a point of telling the boys). In Califor-nia, once the homes were fixed up, they were small, had no basements, no attached garages, and small yards yet they were selling for prices that make us shake our heads here. In our market, that house would cost a fraction of what they are paying. Yet both markets are in the US. Again, every market is different.
While it is good to be aware of what the general U.S. housing market looks like, just be more aware of what our local real estate market is doing. Remember that every market is different. Knowing this will help you make good, sound financial decisions when it comes to real estate.
So here is what our market looks like today, April 9. Buyers are still buying. It is like I told my agents from the very beginning. There are always people who have to sell and always people who have to buy, no matter what the market is doing. Even in a bad market, sellers might need to sell because of moving into some kind of assisted care facility, job relocation, job loss, divorce, maybe even finding out they are having quadruplets so they need a bigger place to live. Buyers might move to a smaller or one floor unit due to health, might move for a job, getting married, having quadruplets. You get the idea.
It might look a bit different right now. Some buyers are buying a home by viewing a video or virtual tour. Some site unseen. Others are taking necessary precautions to protect all involved (buyers, sellers, agents) and still viewing a home the traditional way. Regardless of the method, they are still buying.
So if you want to know what our market is doing, ask someone who actually knows. That would be a local realtor not a national news source. Because while we are all one big country, our area may not always look like other areas.
One more thing. It is a really good time to look into refinancing because interest rates are so low. I won’t go into details about where the interest rates are or terms of refinancing because I am a realtor, not a lender. But if the idea of refinancing piques your interest, call a lender. They can tell you if refinancing is a good option for you.
Enjoy your time at home with your loved ones during quarantine 2020. If you are getting lonely or bored, hang in there. This too shall pass. I hope that you all have a great and safe week!
Esta Ryder, Realtor
Ryder Realty, LLC