Stealing My Stuff!

Copy for Real Estate Guide Column for 1-27-06 (459 words)

REAL ESTATE PATTERNS
By Ken DuVall

STEALING MY STUFF!

The February issue of “Money” magazine’s cover article is titled, “Why the Sky Isn’t Falling.” A sub-headline says: “The Chicken Little’s have it all wrong- and there’s money to be made betting against them.” The Judgment Day guys say: “We’re all doomed… we’re on the edge of a recession… inflation could flare up and crush your purchasing power…” etc. I used this same material months ago in a previous column, but I don’t plan a plagiarism suit as I’m certain their editors don’t read this column!! These are some of their observations along with mine. In our collective opinion, the dark clouds guys are way wrong.
THINKING OF SELLING?
Go ahead. If you want to move in the next year or two, consider selling sooner rather than later. Obviously, don’t cut and run in a panic. And your Realtor must price it right. Just because your neighbor sold for a high price 6 months ago doesn’t mean yours can fetch a premium price now. There’s a lot more competition. You need to make yours look like a bargain. Undervalued properties tend to get pushed up by market forces. Sellers not in a hurry can hold out for a long time.
THINKING OF BUYING?
Go ahead. Whether the market is up, down, or sideways shouldn’t be your deciding factor. Your new home is just another consumer durable like a fridge. It really doesn’t matter whether the price is going up or down. Think about the service it’ll give you while you own it. Not to mention the tax write-offs. Even if prices plummet, not likely, you won’t get hurt as long as you can make your payments. Be sure to get the proper value from your Realtor.
LESLIE SPEAKS
Leslie Appleton-Young, the California Assn. of Realtors Chief Economist is calling our housing market the “Goldilocks economy, not too hot, not too cold.” I love it. Gag: what do you call a salmon crossed with a gold fish? Goldie lox, of course! All Realtors admire and respect her knowledge and foresight. Her 2006 forecast, delivered last week at the new Trump Nat’l Golf Course in Rancho Palos Verdes down south, confirmed what others have been saying: “Our market is on course for a soft-landing, not a bubble waiting to burst. There is a bubble- a bubble in the number of articles about a housing bubble! The state’s median price is expected to rise 10% this year to $573,500. We’re expecting a shakeout in the industry in the next few years. There just aren’t enough homes to sell in California.” Interestingly enough, there are about 187,000 Realtors (1.2 mil in the U.S.) in California. That’s about one Realtor for every 190 residents. Meanwhile, lawyers total around 192,000. Who would have believed it?

Ken owns Ken DuVall & Associates, Realtors at 3rd Ave. & Mangrove in Chico. Ken was the 2001 President of the Chico Assn. of Realtors and the 1995 Chico Realtor of the Year. See Chico MLS listings at http://www.kenduvall.com/ and call Ken at 345-3700 for all your real estate needs. Free consulting.