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It is beneficial to participate in the game rather than observe it during these turbulent times. You will be following the market if you are pondering what other people will do or how you should respond. You need to stay in the game if you want to make good decisions about real estate.
It's hard to keep track of everything that's going on in the world that has an impact on the real estate industry or could. Avoid letting it consume you. You can't do much to help the war in Ukraine, the high inflation in Europe and the United States, the cold that will be felt in Europe as a result of the war, etc. The upcoming midterm elections will undoubtedly raise the negative campaign rhetoric to a level that will make your head spin.
You must remain focused on yourself, your family, and what matters most to you throughout everything. If you put your life on hold, the world will continue to exist. In fact, as we enter winter and all that it brings, the uncertain times will see it spin ever faster. Although inflation is the metaphorical "elephant in the room" right now and may be causing you some financial discomfort, you shouldn't let that stop you from evaluating your situation as a property owner if you were to buy a home or the relief you would experience if you were able to sell your property right this second. In either case, if you choose to watch from the sidelines, you run the risk of becoming frozen because you aren't keeping up with the many changes that are affecting the real estate market as they happen. On the other hand, if you stay in constant contact with your agent, you will be.
If you're paying market rent—which is exorbitant—you could probably buy a home at a higher interest rate and be in the same situation as last year, when you were blown away by cash buyers and high prices. This was mentioned in one of our recent articles. There have been fewer buyers competing aggressively as a result of price adjustments. Don't give up on your efforts; there are other buyers out there. However, they are not making hasty offers, and neither should you.
Stability comes from owning a home. There have been no rent hikes, no notice to vacate for a cousin to move in, and no one has checked in to see that you are living in compliance. You can save money on taxes by owning a home, and you pay for it with after-tax dollars as opposed to pre-tax ones (ask your agent for an explanation). When you take into account the return on your investment, owning a home provides you with the opportunity for appreciation over time.For instance, if you put down 1.5%, or $14,000, on a $400,000 home and make $50,000 in profit, you will receive a return of $50,000 on $14,000.The pleasure of living in your own home also provides you with tax benefits and an emotional return on your investment.
This is not the time to act out of panic or frustration. Keep going, research the market, and keep an eye out for global events and how they might affect your local market. That way, you'll feel at ease moving forward or staying put. If the decision is made with open eyes and a thorough comprehension of the situation, both options are acceptable. It's important to remember that no one knows everything that's going on, but it's better to know as much as you can than to sit back and wonder what just happened and how it might affect things. Always be clear about what you want and need, and go after them. With that perspective, you can make any decision with confidence.
Move to the sideline or the game from the bleachers. Your life, your future, and your choices are all in it. Instead of allowing others to direct you, follow your own path and keep your head held high. Unless you settle in for a few years in the home you love, real estate is not a spectator sport.
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