Nick Churton of Mayfair International Realty, Houlihan Lawrence's London-based affiliate, takes a look at how the real estate market is shaping up this spring and looks forward to a bit of normality.
Everywhere in the world has a different real estate story to tell. In the US there are now some good signs of recovery. In the UK we have – at least on paper - dipped back into recession again. In the Euro zone there is turmoil. I could go on. So just what is going on? Where will the real estate market go now? When will it ever get back to normal?
Well, wherever you are the mortgage lenders are still being difficult. Buyers are being especially choosy and some sellers still think it is 2006 with prices to match. These are everyday issues that seem to affect all those involved in buying and selling real estate. Plus there are other local difficulties and confused and conflicting reports made by industry ‘insiders’ in the print and online press.
What on earth should a sensible buyer or seller think – or do? The answer is to try and forget all of the above and get on with it. If you wait for things to get back to normal you will wait forever because there is no normal in real estate. We are where we are now. Tomorrow we hope will be better. But who really knows? So make the most of it now and move on. Don’t look back, except with some fond memories.
There may be ups and there will certainly be downs along the way. But the best advice from the people who understand the real estate market most of all – real estate agents - is don’t wait for things to get back to normal. You may get a better price for your home tomorrow but then you will, no doubt, pay more for another. When you think about it this is normal, or as normal as it gets.