How to Save Your Life and Your Future from the Inside Out
Real estate agents, property managers, landlords, developers and the other people who are paying the bills have been on the rise in the last few years.
And while there’s a whole lot of data out there about the housing market, it’s hard to know how much of it is based on real estate data and how much is just hype.
We asked a few real estate experts to weigh in on how to make better sense of the real estate market and how to stay ahead of the game.
Real estate professionals have a responsibility to make sure the real market is doing well, but there’s no data to prove that.
“It’s all about the data,” says Robert H. Hennigan, managing partner at New York City-based consultancy Hennigans Real Estate Group.
“That’s the thing we always have to be careful about.
When you look at what is happening on the market, you can’t really rely on a lot of the information that comes out there.”
In fact, a lot isn’t.
Hoenigan says he’s never heard of any firm, real estate broker or investor making money from selling an average-priced house.
In fact it’s harder to get any real estate agent to sell a house that’s on the upswing than it is to buy a house for the same price.
He points out that a survey of real estate agents by Realtor.com found that only 15% of them were selling houses for more than 30% of their market value, compared to 20% of the survey’s respondents who said the opposite.
It’s not clear why there’s such a big disparity between how much real estate professionals are selling houses and how many are selling them for a profit.
Hhenigan says that when the housing bubble burst in 2007, it was largely driven by home buyers wanting to get into the market and make money in the meantime.
“I’m not saying that they don’t make money selling houses, but I do think there was a bit of an opportunity cost there,” Hennagan says.
“When people were making their money selling their houses, it felt like it was going to be great.
They were making lots of money off of the housing boom.
But there’s this little piece of paper that says, ‘You’ll make $100,000 over your life.
You can’t buy that house now.’
And it’s not that that’s going to happen.”
There’s no one thing you should do to stay on top of the market.
There are a few things you should consider.
If you’re planning to sell your home, you should start by looking at your market before you sell it, says Hennig.
If the market is up or down, that’s a good sign.
But you should also do a bit more homework to find out what your market looks like.
“One of the things that’s important to do is look at your real estate portfolio and the number of properties that you own,” Hoenig says.
You might want to look at the total value of all the properties that your home is in and how often they sell.
“If you see that your total value is in the neighborhood of $50 million, you’re probably not in a bubble right now,” Hhenig says, adding that it’s important that you start buying properties that are affordable for your income.
“What’s good for you is going to keep you ahead of this trend.”
Hennigs advice to real estate buyers: Keep an eye on your monthly expenses.
If they are more than $500 a month, Hennings advice is to stay away from homes that are on the increase.
If your monthly mortgage payments are less than $3,000, Hoenigs advice is also to steer clear of homes on the downswing.
You don’t have to own a single property.
A home that’s selling for more or less than the market average isn’t necessarily worth buying.
In the last five years, homes that sold for more, or at all, in California were up for sale at an average price of $4.15 million, according to Realtors.com.
That’s a little less than half of the $5.5 million average for the entire country.
In California, that means there’s room for an average home in the market worth more than the average price.
Hienig says he does advise buyers to consider where they can afford to live, because if you’re looking to save money on your mortgage, you’ll probably need to live closer to your current location.
“The whole reason that we’re so close together is because we are in such a great state,” Hienigs says.
In addition to a better appreciation of your local climate and climate preferences, Henigs says you should take into account how much time you can dedicate to your home.
“In a typical year, we’re spending around five hours a day, four days a week,” he says. That