Last week I was speaking with a family friend, a widow in her 80’s worried about the value of her home. I can’t blame her, every day there seems to be new news or more news about the real estate market. And recently none of it is good – high inventory, low sales, low prices; even some real estate professionals are leaving the profession. We had a long talk about her home.
When the market is ‘hot’ everything feels urgent, maybe it’s a good time to sell and move (but where), maybe it’s a good time to borrow against the house and do some renos, travel or gift money to the loved ones, maybe it’s a good time to stay and enjoy the house appreciation. But when the market is ‘soft’ different thoughts enter – did I stay too long, should I have sold, will the market recover, what to do now?
There is no right answer as every situation is different and every market condition gives you different options to consider. In my friend’s case, I encouraged her to take advantage of the current conditions, figure out what’s important, for her it’s staying put in her home with a pool so she can host her kids, grand kids and great grand kids in the summer, and Thanksgiving and for the holidays.
A calm market can be a good time to plan. It can give you the space to look at your whole financial and lifestyle picture without the external pressure of pushing you to act. So, if the headlines have you unsettled, take a breath. Slower isn’t worse. Sometimes it’s exactly the pause you need to think about your next chapter with a clear head.
And if you’re like my friend who needs a bit more money to maintain the pool service, landscaping, and to keep up with inflation in her weekly grocery store trips, give us a call and we can walk you through various options we offer clients. My friend Marie opted for our Income Advantage product where she will now be getting $1200 per month to help supplement her expenses.
Sincerely,
Yvonne Ziomecki-Fisher
Chief Customer, Brand, & Advice Officer
HomeEquity Bank