Thanksgiving is a great reminder to be grateful for what we have in our lives. It’s the one day a year designed for us to eat way too much and, hopefully, come up with a few things that are going right recently. Here are six, real estate related things you might be thankful for this Thanksgiving.
- Buying a home prior to 2022. Whether you bought a primary residence, second home or investment property, the last few years have been opportune. Even if you bought at our last peak, around 2008, looking back, it was still a good time. Your equity has likely grown substantially.
- Selling a home in 2021. If you sold last year you likely capitalized on the peak of the real estate market, It’s looking like 2021 was the top of the market in Summit County. That may vary by area. However, we are still not expecting prices to fall much going forward.
- Owning a home in Summit County. If you do own, or have owned, in the county, nothing more needs to be said. It’s a fantastic place to be and the appreciation on real estate just makes it that much easier to justify.
- Spending time in Summit County. If you are lucky enough to spend time in Summit County you are lucky enough. An outdoor enthusiasts dream provides adventures for every season of the year. Hiking, biking, skiing, sailing, golf. You name it and just about everything is here or nearby.
- Mortgage rate under 6%. Those of us that have a mortgage around 3% are loving it with rates pushing 7% these days. Even a 5% mortgage rate is looking pretty good. Hopefully rates will plateau and then settle back to a more normal place in the next year or so.
- Having a short term rental license. Short term rental rules have been unsettled lately. If you have a license now, you should be golden for the next couple of years no matter how things shake out. If you are curious about short term rental rules in your portion of Summit County, check out our blog posts or reach out to us. We can give you the latest rules.
Real estate usually isn’t at top of the things to be thankful for. And that’s ok. Focus on what’s most important; family and friends and all those in our lives that matter to us during the holidays. However, we also should be aware of the impact real estate can have in our lives.
Thanks for reading this.