We've all learned a tough lesson this past year, as so many people took their eyes off the Real Estate ball, and enjoyed the spoils of the market without regard to the long term cost. And now as prices have come down, we are all paying the price. What's done is done, but if there's a lesson to be learned here it's that just as you review your investment, savings and retirement accounts, it's equally important to be informed about the factors that impact your largest investment: your home.
If there's one thing I do, it's to counsel my clients to stay informed about Real Estate in our local area, because what happens in Real Estate affects you. For instance, if there's a new development going up in your area, it may affect you in many ways - some positive, and some negative:
- If you own a business, such as a barbershop, a restaurant, or a coffee shop, a new development is a great source of potential new customers.
- If you have kids, how will the new development affect them and you? Will the development be cause for redistricting schools? And could this affect the way in which your kids get to school?
- What is the effect of this development on home values in the area? Is your home worth more or less than these new homes?
- How will the new development affect traffic in the area?
- What will the development offer that might be interesting to you? Will they have a community pool, open space, a playground or hiking trails?
What happens in your local Real Estate market will impact your life, whether you pay attention or not. So now I ask you: What goes through your mind when you see that sign for a new development in your neighborhood? And do you follow the real estate market in your area?
Tim McIntyre, GRI
tmcintyre@cbmove.com
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Visit my website at www.timsellshomes.com.
Ellicott City Realtor, Catonsville Realtor serving Howard County, Carroll County and Baltimore County for more than 25 years.
