This spring and summer has picked up a lot in real estate. My schedule has been pleasantly packed with renovation projects and real estate clients.
The economy and housing markets seem to be picking up and everyone is hoping it stays this way. I was recently reading a blog post from mplsrealtor.com, they had a quote at the top of the article that perfectly explained how I feel about the down fall of the housing market. I wish that when I was fresh out of college and home prices were low that I had been in a position to purchase more investment properties. Now that I am more established in my career and more financially able to purchase more properties everything has started to come up in price! The days of multiple properties, in sought after neighborhoods, priced under $100k are gone, for now at least. The quote “Accept certain inalienable truths: Prices will rise. Politicians will philander. You, too, will get old. And when you do, you’ll fantasize that when you were young, prices were reasonable, politicians were noble and children respected their elders.” – Mary Schmich.
Don’t we all look back on the days when prices were lower and wish we could go back to those times? But with our current incomes of course! This little tid bit from the article can put inflation in perspective, A typical home that cost $15,977 in 1960 dollars would actually cost exactly $127,635 in 2014 dollars, I think we would all agree that it would be nice to go back to the pricing of 1960!
Changing economies and housing markets force change. Interest rates and housing prices were inflated prior to the crash. Lenders were giving high mortgages to people who should never have qualified for that amount and when the bottom fell out of the economy those people were left without jobs. Unable to pay their mortgages and unable to sell they were forced to foreclose or shortsale their homes which drove the housing market to plummet. I look at this summer and the progress that has been made in home prices and feel good that things are looking up for people who waited so long to sell but also hope that this does not happen again in the near future. I hope that this has made consumers more cautious about the amounts of money they loan, to think about what they can afford not what the bank will give them. Also, to plan for the worst and hope for the best!
Here are some of my recent listings and pending sales. I can’t be more excited for all of the clients I have had the pleasure of working with! I have been able to work with people who sought me out specifically to utilize my design and renovation expertise and it allows me to bring all of my passions together! Hoping the upswing continues!
~K. Kurtz, luxe living