Of High Tides and Homes
A recession is when your neighbor loses their job. A depression is when you lose yours.
–Harry Truman
A good economy is when you get a raise. A great economy is when you get a raise and a promotion.
–Corollary, Ross Kaplan
What do those observations have to do with the housing market?
Notwithstanding broad trends in housing — which at the moment signal firming prices and tightening inventory, at least in many Twin Cities neighborhoods — ultimately the housing market comes down to one house: yours.
For Sellers, it means getting a good price on the home you currently own; for Buyers, it means getting a home with the attributes you want at a price you can afford.
Broad trends are certainly relevant (“a high tide raises all ships”), but the unique thing about homes is . . . their uniqueness.
Exceptions to the Rule
Every veteran Twin Cities Realtor — myself included — can think of at least one unimpressive home (at least to them) that got snapped up, at full price (or above).
I can also cite examples of homes that would seem to have had everything going for them, including an attractive price . . . that sat, and ultimately got discounted before selling.
It’s cliché, but when it comes to homes, beauty — and potential — are in the eyes of the beholder Buyer.
P.S.: For would-be Sellers who think I’m giving permission to skip prepping, staging and all the other steps that go into maximizing price (and minimizing market time), I’ve got one more thought:
Unh-unh.
As they say, “the race is not always to the swiftest, nor the battle to the strongest, but that is the way to bet.”
