The start of a new year is often a time of reflection, which over the past 12 months, held a struggling real estate market in my market area. Thankfully, reflection also brings about anticipation and optimism for the year to come. In lieu of our new year approaching, I’ve decided to put together 11 residential real estate predictions for 2011 – released one day at a time. Enjoy!
2) Buy and Hold: Purchasing a home for the long term
The Census shows the average person moves about 11 times in their lifetime. This could change for the generation that has lived through this particularly vicious real estate bubble (and inevitable bust). The idea of a home as a personal bank-account or as a short-term investment has left the general mindset, and new advisers and authors have found that preaching from a platform of financial conservatism (sometimes to an extreme) is all the rage. This will lead to the idea of many people only purchasing a home if they can stay for 5, 10, or more years. The idea of buying for 2 years only to move up after that are currently not even in the equation for most buyers I work with.
How will this change the types of homes that will sell in 2011? Well, this mental-shift means that homes will have to adapt for both current lifestyles and future changes, such as having children in the future, children moving out, etc. Neighborhoods will also be important because of this long-term mindset. Buyers are no longer “jumping-in” to the market just to ride the equity wave. They are analyzing school districts, distance to family, jobs, and amenities. All of these types of features should be carefully analyzed and properly promoted by sellers in 2011.
Stay tuned for tomorrow’s prediction!
For help on your next real estate transaction in the Greater Seattle area, give me a call at (425) 483-1010 or visit http://www.RyanHalset.com
Real Estate Broker | Realtor ®
Boardwalk Real Estate, LLC
Phone: (206) 930-7959 | Email: Ryan@BoardwalkSeattle.com
Providing professional real estate services throughout the Greater Seattle area.
North Seattle | Bothell | Lake Forest Park | Edmonds | Mill Creek