As we enter a new decade, we’ll inevitably be exposed to many predictions about the future, and in particular about the economy and how it will affect real estate. But, with such a wide range of opinions out there, we need to be cautious about any individual point of view. There are many contributing factors, especially in real estate, so it’s always helpful to take a step back and gain an objective perspective on such an important topic.
Remember that your current real estate value is mostly relevant when considered relative to the value of your next real estate purchase. Since property prices tend to fluctuate uniformly, whether you are moving up or down, focusing on economic real estate forecasts may not benefit you. Instead, recognize that the true potential for increased value lies in the comparison of your property to similar properties within your own micro-market. Every property for sale competes with others judged to be of similar description or value – which means there are things that can be done to improve your own home’s value in comparison to the competition. If this is something that might interest you in 2020, let’s plan to sit down for a frank discussion about the short term and medium term opportunities to improve the value of your real estate.
