There is something magical about January — new month, new year, a chance for new beginnings! A fresh start to not just survive but thrive. As current president of the Virginia Peninsula REALTORS®, I am inspiring our 1,100+ REALTOR® members to thrive together in 2022. But what does this mean for a buyer or seller to thrive in real estate? I’m glad you asked.
Sell your home. Low inventory and historically low interest rates make a great market for sellers where competition is still high. One way to thrive is preparation. I provide my sellers with not only market analysis, but also a list of items that will help with curb appeal and return on investment. Providing professional photography + video at no cost to them might also help my seller’s home sell quickly.
Buy a home. Though you must be prepared for competition, it is still advantageous to buy a home, especially as a first-time home buyer. One way to thrive, target properties that have been on the market for longer periods of time (think anything over 30 days). You may have to spruce the place up a bit, but if the seller is motivated, you might be able to put a deal together.
Move up. If you really want to have some fun, you will both sell your home and buy a home in our current market. This can be stressful, but it can be done. One option that has been helpful for my seller/buyer combo clients to thrive in this market is to list their home for sale with a contingency to purchase replacement home and request seller possession so they can close on the sale of their first home and possess the property while they close on the second home, so they only must move once.
Investment. Even in our current seller’s market, purchasing for investment purposes can be advantageous. You can pick up a rental property for long-term wealth or flip a property for short-term wealth; in our current market, I suggest doing the former as the margins are tighter for the quick turnaround. In either scenario, it is important to factor in carrying costs.
Bonus: A few non-real estate related ways to thrive
Read a book a month. Reading helps you sleep better and reduce stress.
Try something new. Travel to a new destination or learn another language.
Recommit to your fitness goals with an accountability partner. There is a connection to physical and mental health.
Embrace your mental health. Let’s normalize going to therapy and having our best mental health!