Jim Valentine: What will the new year bring?
We are once again at the end of a year and the beginning of another one, New Year. This is no ordinary year, however, that we are kicking to the curb, the year known as 2020. It was memorable in so many ways in the real estate world, not the least of which was the phenomenon known as COVID-19 among many other names. As it oozed out into the world and we realized that we were all to be impacted no matter where we live on the planet, it seemed as if we may have another “dark ages” experience in the real estate industry.
In fact, quite the contrary happened. We made adjustments to our practices as did our vendors and other real estate professionals, i.e.- escrow officers, lenders, etc. that allowed us to continue to list, show and sell property. Buyers and sellers wanted to buy and sell in quantities not seen since before the recent extended recession. We had an influx to Northern Nevada of investors moving their money to our state as well as new residents that decided that they wanted to live our lifestyle and values. It caught many by surprise, but it was real and sustained.
In addition to a very competitive buying market, there were many people that decided it was a good time to refinance their home at the exceptionally low interest rates that were suddenly available to them. The low rates also allowed people to qualify to buy a more expensive home allowing them to compete more which slowly drove prices upward.
Prices are now stable at the higher price as much of the pent up demand has been satisfied, new construction has kicked into overdrive, and people are becoming patient and realistic. Take your time and you will get the right new home.
We are in an interesting time as we approach this New Year where we are facing the question of the COVID vaccination results on society as a whole, the transition to a different set of values in the national political scene that could impact taxes, jobs and other financial factors that can ultimately have a direct impact on real estate depending on how things go nationally and regionally. There is little to gauge the future on at this point other than a lot of past rhetoric that may or may not come in to play.
Uncertainty can be unsettling. Our parents and their parents before them went through many agonizing New Year’s Eves while our nation was at war, World War I, World War II, and others their families separated. They spent years in a severe Depression that saw pain and poverty everywhere, etc.
They weathered the storms that came their way as did our forefathers that fought for the very independence that we all have benefited from. After General Washington led his men to battle by crossing the Delaware River on Christmas Eve, how do you think they thought of the New Year Eve that came a week later? We have it relatively easy.
When you hoist a toast to welcome the New Year, or kick out the old one, or both, be sure to smile for those around you. Smiles will bring confidence and those you are with will surely appreciate the smile of confidence that you can convey to assuage their fears of the uncertainty that lies ahead. We will get through whatever 2021 has to offer us. After all, we got through 2020, a year in which catastrophe, destruction, failure, break downs, etc. were ultimately considered normal.
It is not normal, it is just a series of experiences that came in a quick sequence during one calendar year, 2020. It was not by choice, nor were we guided such that we should expect such negative experiences as so many endured. It just happened.
Now it is time for 2021. Will the tick of the clock at midnight straighten it all out? Let’s think optimistically and say “yes” as we embrace the New Year. Goodbye 2020 and welcome 2021!
Real estate is of the earth – it is real property. Land and homes attached to the land. Be savvy with yours and you will enjoy the times ahead as we work through these times together.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. email@example.com