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What is Really Going on With This Market?

by Cheryl O’Connor, Vice-President of Sales & Marketing, Northern California division of Warmington Homes California

You can’t pick up a newspaper or magazine these days without reading more news about the latest real estate statistics. Reporters tell you they just report the news, but with so many predictions for the future out there you wonder how their crystal ball works. Rather than putting too much stock in media predictions that will probably never become reality, you should base your home buying decision on your family’s specific needs.

A home is your refuge where you can be yourself, relax with your family, create memories, build dreams and live your life. You choose to invest in a new home because you feel an emotional attachment to that home and it fits you and your family. You fall in love with a home and connect with what that home means to you. Lately, the emphasis has been on the financial investment and how quickly you can turn a profit. Real estate has never been a short-term investment and it should not be considered one now. Historically, your home will grow in value, not only financially, but in personal value to you.

I recently had a conversation with my children about future planning and when the time might come that we would sell our residence. Their response to me was “Mom, you can never sell this home!” I was surprised at how connected they were to our home, even though practically speaking, the home may not fit their needs in the future. That didn’t matter to them. It was all about our family experiences and the life we have built together in that home. It reflects what our family is about. Why should you consider making that investment for your future today?

The Northern California market is a more resilient market because of job diversity, limits on new home growth, and some of the highest incomes in the country, to mention the natural beauty of the region.

The current market is a buyer’s market and what that means to you is the opportunity to choose the exact home you want and negotiate favorable terms just for you. New home builders have homes ready to move into, which is why a ready, willing and able buyer can customize the deal.

Keep in mind that this opportunity has a time limit because the market will come back, and it will come back in Northern California before the rest of the state or the country. It always does.

In the “don’t believe everything you read” category, mortgages are available and many home builders are adding loan buydowns to make the payments even more attractive for you. Yes, you do have to qualify for the loan payments these days, but that is good news. And interest rates are still historically low.

Are you suffering from decision paralysis?

When you read all the bad news about the current home market, the result is decision paralysis. You decide you better wait until the headline reads “The market has recovered.” When the market does finally recover, it happens quickly and the opportunity you were waiting for may have passed you by.

That dream home that you visited a few months ago could be the place where you begin making new memories. Life is not a dress rehearsal and you do not get another chance to make this one count. Make every minute count in a brand new home for you and your family.

Author:
Cheryl A. O’Connor is Vice-President of Sales & Marketing for the Northern California division of Warmington Homes California. Cheryl O’Connor has 31 years of experience in marketing new home communities in the Bay Area. Her primary responsibilities include overseeing the sales and marketing functions of Warmington’s communities as well as feasibility of future land acquisitions. Cheryl has served as the President of the Eastern Division HBA and sits on the Regional Board of the HBA as Vice-Chairman. Cheryl is an advocate for women in homebuilding and is a mentor to several women in the industry. The Warmington Group of companies has been crafting new homes since 1926. Warmington’s Northern California division currently offers new home communities in Alameda, Brentwood, Hayward, San Jose and Palo Alto.

www.warmingtonhomesca.com




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