Hey, we can all agree that there’s so much going on right now that it’s hard to pay attention. How we start our year is key to our success throughout the rest of the year. Right now it is key to be focusing on inventory. While, yes, we can’t force people to sell (nor do we want to if we could) we can help them with understanding the process and what it looks like for them. Many people right now are concerned with selling for the worry about where they will buy. Some are also concerned with the increase in prices. As Gary Keller always says, “The market we sell in is the market we buy in.” This is very true.
What I’ve been noticing is more and more agents having a secret stash of listings. While the National Association of REALTORS has essentially outlawed pocket listings, there are still plenty of them out there. Pocket listings have become even more exclusive. Many sellers concerned with where they will buy, should know that what they would like to buy might not be active on the market. Some agents rode the wave of listings as they rolled in, but now we have to be more diligent in our searches for inventory. We can’t just wait for the right property to hit the MLS. By that time it’s too late.
With prices on the rise, many sellers are concerned that they will have to overpay for a property. However, that’s just how much properties cost right now. If we could go back a few years and buy, everyone would be doing it. Yes, there is a concern of a market bubble. When we look at the numbers and the lack of inventory, would we really consider it a bubble. Especially if we look at the prices across the US. Louisiana, and New Orleans specifically, has noticed an increase in price, but anywhere near the rest of the US. According to F.H.F.A., Louisiana ranks 49th in real estate appreciation. Out of the top 100 metro areas in the US, New Orleans ranks 95th in real estate appreciation. This good and bad. For me, I say mostly good. It means that we have increased, but not anywhere near over inflated. With that said, I’d proudly take the equity and appreciation in my property and roll it into another property. Especially with rates still at all time lows. Now’s the time to take advantage of what’s in front of us.
Here’s how I’ll wrap this whole thing up… If I can take advantage of the current market and get into a bigger and better estate, and IF the market tanks, I win. Well, as long as I don’t sell while the market is down. See, I’d rather have to “wait out the market” in my mansion than in my starter house that I should have sold when rates were low and prices were high.