Every week there’s another story in the news about the housing market cooling off and prices stabilizing. If you’re buying now, how do you make a smart investment knowing that the market may shift? The answer is resale. Whether you’re shopping for your first home, your forever home or you’re ready to downsize, always. think. resale. I joke with my husband that I can tell how strong the market is by how quickly homes are selling on a street near his childhood home. These homes open their front doors to a very busy, narrow street. Despite the less than stellar location, they are currently selling quickly in this seller’s market. In a slower market, it doesn’t matter how beautiful they are, they’ll be the first to sit and will sell for less.
What does it mean to think resale? Resale is about location and condition. We’ve all heard the phrase, location, location, location. It’s not a new concept, but it will always be the most important consideration because it is the one thing you cannot change. Location encompasses everything from zip code, neighborhood, proximity to public transportation, major highways, and schools, to things like off street parking, a usable backyard and a view. After location, condition is the next consideration. This one is simple; once you buy it, take care of it. Nothing has a more negative impact on resale than deferred maintenance. Keeping location and condition in mind will help protect your investment in the event of a market shift because there is always demand for well maintained homes in great locations.