If you bought a stock at $5, watched it rise to $100, then dip to $80 right when you decided to sell, did you lose $20 or did you make a $75 killing? Of course, you made a 1500% gain on your initial $5 investment! Many sellers are now focused on the loss of potential gains and not on the actual gains they could reap from the booming market that ended last year.
What the Media Doesn’t Say
It’s no secret that Real Estate prices are down anywhere from 10-15% from the highs of 2021 and into 2022. You can’t watch TV or open your iPad without being bombarded by endless news stories about the slide in home prices in the US. It’s like all the media outlets met at Starbucks and had a caffeine-fueled chat about how they could depress homeowners in the U.S.
Wouldn’t it be refreshing for a news outlet to point out that if you bought your home more than a few years ago you have received a huge financial bonus in the form of added equity in your property? Yes, it might be less than the all-time high, but you are fooling yourself if you think you are losing money because you missed the very peak of the market.
The Reality
One recent seller whose home is now worth $800,000, when it was worth $925,000 at the peak, was heard saying, “I can’t afford to take that loss.” He bought the property for $200,000. There is no investment adviser alive that will tell you that is a loss.
It’s human nature to get caught up in irrelevant details when making important lifestyle-changing decisions. We get caught up in the cost of the $600 survey, or the pink paint color in the bedroom when we are buying a $1M home. We control the small details to avoid tackling the hard decisions.
Don’t Go it Alone
You don’t need to be a Real Estate guru to know that your home is still worth more now than it has ever been with the exception of the small Covid blip of 2021 and 2022. Yes, you could have made more selling at the top of the market, but timing the market is impossible. Ignore the doom-pedaling media and look at your actual increase in wealth. You will see that now is still a great time to get your home sold!
Don't go solo navigating the unpredictable Real Estate market - it's a deep sea of information and you could easily get lost. Instead, enlist the help of one of Dripping Springs Elite Real Estate Professionals! With 25 experienced agents who are all working together with your best interests in mind, success is practically guaranteed!
About Dripping Springs Elite Real Estate Professionals
Dripping Springs Elite is NOT a brokerage. We are a professional organization of top real estate agents in the Dripping Springs area from different brokerages who collaborate and work together to make buying and selling the best they can be for our clients. Dripping Springs Elite is also dedicated to building up our community and its nonprofits to strengthen the quality of life for all residents. Contact one of our agents today https://drippingspringselite.com/#agents.