Ever heard the expression: “a rising tide lifts all boats; an ebbing tide sinks all boats”? While this applied on the uptick in the market during COVID, applying it to the current real estate market doesn’t work in all areas. The NOW market that we are living in is complicated and very segmented.
The recent shift in the market is undeniable. But generalities don’t matter when talking about YOUR property. What’s important to know and understand is YOUR market and how much (or little) the changing economy is having an effect on your home’s value.
What to look for?? Start with these questions:
– What market segment does your property fall within? Each market has four tiers and they are all reacting differently in each area.
– Which sub-market are you in? Even within one clearly defined market area like Pasadena, there are sub-markets.
– How much does the lot size add to value? It depends on the segment you’re in.
– Do you have a pool? Did you know that people have been paying huge premiums for homes with pools during COVID?
– Is the school district as important as it used to be….in some, not all, price ranges.
This shifting market is not consistent or easy for the homeowner to understand. Let’s talk about your specific situation and how we can help you get the most value.
We’re always here.