Monday, October 27, 2008

Home Values


Too often I think we focus on the negative—making the bad worse with worry and panic. We forget what real value is while we watch an imaginary index bounce around on charts and tickers.

The housing market showed an increase in sales recently. As I drank my coffee this morning I heard the morning news delightfully announced this and then immediately announce that this was before the stock market slid dramatically this month and the increase would likely not be repeated in the results that come out in November.

And that may be true, but I would like to focus for a moment on the positive… more houses were sold last month than the month before. That is good. And the reason is that houses were on sale…a good deal. Everyone likes a sale. And that is great for the people who want to make an investment in property. Right now is a good time to buy.

Now, I can play the negative game too… this all means some people had to sell at less than they wanted to. And with the clarity that comes from my morning caffeine consumption, I can tell you in all sincerity that this is the way the market goes. And it always does. And at some point things will flip again and it will be a great time to sell.

However, when it comes right down to it, most of us buy our homes to live in them. We choose a floor plan we like on property that suits our needs. We choose a part of town that we want live. Buying a house is a deeply personal decision and the way you value your home shows that. If you are the person who bought a house in the last few years and have now seen the property value of that home depreciate, then hold tight. You still have a place that is yours, suits your needs, and keeps the rain out and the heat in. The value of a home is not only the “book value” of what you could sell it for at this very moment, but rather that plus the value it has for you in the family memories, convenience, location, the way it feels when you walk in the door after a long day at work, and the comfort and security you feel when you crawl into bed at the end of the night. Your house is called a “home” for a reason. And that goes way beyond the fair market value—it is the REAL value. The REAL value of real estate in Charlotte right now is high. The REAL value is in how we feel about our great homes, our wonderful communities, neighborhoods and school systems. The REAL value is our friendly neighbors and the sense of belonging that we get when we own a home. As long as your house is a home you can’t let the newspaper or the stock market, or the “experts” tell you what the value of your home is… only you can determine that.

Rich Ferretti
Charlotte Home Specialist

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