Real Estate Reflections: 5 Questions To Ask Yourself Now

It’s December ~ and you know what that means! Besides the hustle and bustle of the holidays that traditionally mark this time of year, a recurring theme hits the real estate industry as well, and we call it ‘the crystal ball syndrome’. As soon as the last quarter of the year arrives, nearly every major industry news source and media outlet will begin to predict what the next year of real estate will bring. Suddenly, 2017 housing forecasts roll in faster than those boxes of See’s candy that will soon beckon you from the break room, and the accuracy is typically stronger than that of weather predictions and election outcome prophecies (too soon for political jokes?!).

While educating yourself on the potential state of the market is never a bad thing, the better thing is often to determine what it means for you. And to figure out where you are going – it typically helps to assess where you are at. So, in that spirit, we’ve provided links to some of the major 2017 real estate forecasts below (and are happy to elaborate our reactions to them in a chat!), but thought we would focus on 5 questions to ask yourself today that might help you understand what the possibilities are for you tomorrow.

1) Do I know the true value of my home today?

And no, we are sorry, but popping your address in a big-box search engine doesn’t count! If you are a current homeowner, there is no better time than the present to obtain an accurate, personalized valuation of your home. Even if you have no intention of selling, knowing the value of your home is crucial to your mortgage options, your total portfolio value, insurance coverage and especially your own peace of mind.

2) Have you and/or your family incurred any major changes in employment, family size, health status, financial position or lifestyle?

More than merely a roof over your head, your home is an important quality of life measure and an often-overlooked financial resource. While no one wants to ride home ownership like a rollercoaster, there are times when amidst other mitigating circumstances – a change in your home’s size, location or condition can positively impact your personal & financial well-being.

3) What are your current real estate goals and dreams, both short term (3-5 years) and long-term (5-10 years)?

When you bought your home, you likely had a plan for how long you would remain in the home, and what you would do 'next'. Does that plan still apply today? Does the home fit your needs as well as you hoped it would? Are you approaching a major life change, such as retirement, empty nest syndrome or welcoming a new addition? All great adventures encounter a deviation in course at some point – if yours is now, we are always here to help you navigate it. ;)

4)  On a scale of 1-5, how would you rate your satisfaction with the following members of your support system: your mortgage advisor, your financial planner, your tax professional & your insurance agent?

It might feel like a silly question, but these professionals should serve as the cornerstones to a protective and proactive financial foundation. Annual conversations with these resourceful advocates should provide the information you need to feel empowered and educated on any decisions that impact you, your home and your future. If you need an introduction to an exceptional referral in any of these areas, or others, don't hesitate to reach out!

5) What is the ONE change you’d like to make that would positively impact your daily life?

If the immediate answer that comes to mind is not real estate-related, it’s okay! In fact, we sort of hope it’s not because we are firm believers in work/life/family balance. We secretly hope your housing situation is SO perfect that you have the energy and inspiration to focus on other things, like career, relationships, hobbies and hopes! (A roof over your head is often like one of those dream bubbles in a cartoon – right? It's where the magic happens!)

This is no doubt a busy time of year, and you may find yourself doing a lot for others – shopping, gifting, holiday cooking, etc. But you deserve to do something for yourself too – even if it’s a lot of cupcakes and little reflection by a cozy fireplace. As you consider where you are at, where you’d like to be, and where the market may be headed, please know our guidance is within your reach and your best interests are always on our minds.

Here are those 2017 forecast resources we promised:

Housing Market Forecast : Experts Weigh In On 2017 Real Estate

http://themortgagereports.com/22472/housing-market-forecast-experts-predict-2017-real-estate

Realtor.com® 2017 National Housing Forecast

http://research.realtor.com/2017-national-housing-forecast/

The 5 Real Estate Trends That Will Shape 2017

http://www.realtor.com/news/trends/top-real-estate-trends-2017/

And the top real estate market for 2017 will be…

http://www.housingwire.com/articles/38676-and-the-top-real-estate-market-for-2017-will-be

C.A.R. 2017 California Housing Market Forecast

http://www.car.org/newsstand/newsreleases/2016releases/2017housingforecast?view=Standard

2017 Market Forecast Slideshow

http://www.car.org/marketdata/marketforecast/

Cheers,

Mark & Jason

team@homesofsv.com