Polaris Property Management knows that it’s been a rough few months for the economy, and we could all use a little good news. For America’s millions of home and property owners, here is some: While retirement accounts and the stock market may have cratered, property values are hanging tough.
The National Association of REALTORS® (NAR) reported in May that the median existing-home price for all housing types was up 8%. And with a proper recovery and the right policies, there is a great chance that home values will remain fairly stable even as home sales temporarily fall while Americans shelter-in-place.
The pandemic also hasn’t stopped business activity outright like in many other sectors. A recent NAR survey of members found that one-quarter of REALTORS® had at least one client go under contract during the second week of April without physically seeing the property. Deals are proceeding with the growing use of new technology like remote notarization. Even those pausing their real estate transactions still plan to buy and sell once again within a few months.
Owning a home and taking care of the property management comes with a list of demands, or in nicer language, Projects and “To Do’s”. The list always starts out manageable as the new venture begins. What many of us forget to consider is the financial upkeep that comes with homeownership. Like fixing the roof after a hail storm, replacing appliances, or coming up with the money to have a dead tree removed from property grounds…etc. Before you take the huge leap from renting to owning a home here is something to think about…
Do you have enough financial stability to manage your property if an issue arises?
Set a goal for yourself before taking the plunge by having a nice financial safety net to fall back on in case it is needed. You won’t regret the hard work put in to creating a financial sanctuary for yourself.
Check out this article by Realtor’s Land Institute which shares interesting facts regarding American savings and our abilities to handle unpredictable circumstances.
And, you can alway contact the team at Polaris Property Management in Indianapolis to assist you and provide you with advice. We love to help homeowner that are looking to become landlords, or families that want to develop a credit history so they can start the path to home ownership.