In the fall of last year, I had the pleasure - or pain - of assisting my parents in the sale of their long-time ‘beach house’ and the purchase of their ‘forever home.’ And honestly, it was a pleasure – I am the luckiest girl in the world to call these two mine. This transition has been a long time coming, they didn’t want to leave their favorite coastal town but needed to be on a single level with more space & storage. A new development near them had a few single levels going up, one, in particular, they had been stalking, and as it neared completion we made a run for it (mom was nervous, dad was thrilled). In a matter of 6 weeks, we were done. Closing on their old home and new home within 24 hours of each other, and with a 2-week rent back in their old home for the move, they made a near seamless transition.
During this process I was reminded of the importance of equity, the long game, and that time + equity opens doors for everyday people. If my parents had not taken a risk in 2001, purchasing their first home in Manzanita, which they would rent out as a vacation rental to cover the mortgage, they would have never been able to buy their new home this year. It’s truly that simple. To grow equity, you must buy a home.
And I’m here to tell you there will never be a perfect time to buy. It will always seem like the best day was yesterday. You’ll never reap the rewards of home ownership if you don’t take that first step. Armed with the right Realtor by your side *cough* ME *cough* you’ll feel empowered during the home-buying process, not overwhelmed.
When interest rates were at all-time lows buyers were writing offers well above asking price and drastically diminishing their power during the transaction by waiving appraisals, limiting inspections, and giving away their first child... you get it. Now that rates are back at normal levels, we aren’t seeing insane bidding wars, buyers are getting closing costs covered, negotiating for major and minor repairs, and more. Competition is still present, but no one is selling their soul to dip their toe in the real estate market. And just in case I need to say it, if you’re waiting for rates to be back at 3%, you’ll never buy a home.
Homeownership will always be important, no matter your economic status, you must start somewhere! The hardest step will always be the first, let me join you in that journey and I promise to get you there.
Best,
Amanda
