1. Equity - I often say to people I work for and work with that “real estate is the most reliable and most accessible means of building wealth available for an entire generation of people.” At the core of this is the idea of equity, which if you don’t know is the difference between a property’s market value and the amount required to pay off the debt on said property. This equity grows and grows over time (real estate has about a 4% average increase in value year over year, historically) and that equity can be used for home improvements (via an equity loan or line of credit), other investment properties (through the same channels) or as a huge down payment on the next property once the first property is sold. In today’s world of rapidly increasing equity, many people have access to large stores of equity in their homes.
2. Education - I poke fun of myself as a Realtor here, but I am often throwing myself all over the place trying to educate my sphere on what they need to know about the real estate world. And I’m one of thousands in the area trying to do this. Education is free, and effective, if you know from whom to seek it.
3. Declining interest rates - The talk of real estate in 2023 has been about how the high interest rates have been making homes unaffordable. Well in recent weeks, these rates are coming down and an entire new segment of home buyers who is otherwise on the sidelines is now able to purchase property. And if this trend continues, then that segment of buyers will grow and grow and more people than ever will be able to achieve the dream of home ownership.
4. Technology - I referenced above how education is free and plentiful right now as any Realtor within earshot is hoping for a shot at giving you their take on the market. But as a consumer, you might not be looking to have those conversations if you’re in a “just browsing” phase. And that’s totally OK! Because there are so many house hunting apps, mortgage calculation apps, design apps, and free info forums online (if you know how to find the good ones) that you can build a pretty sizable knowledge base on your own time!
5. A place to call home - Let’s not bury the lead here. There’s something extra special about coming home to your own place and taking pride in what’s yours. There’s a feeling you can only get from making a meal in your own kitchen, watching your kids play in your own yard, and knowing that you’ve got a roof over your head that you can call your own.
What are YOU grateful for in the real estate world this year?