2022 was a dramatic year for real estate– opening the year with record-high home prices and ending the year with the highest interest rates in 20 years. And with these record-breaking changes came many valuable lessons from our clients.
So, we've put together five of the most valuable lessons we've learned about real estate in 2022. We hope you enjoy, and we'll see you next year to weather any changes the 2023 real estate market brings.
1. Having the right information and guidance helps make informed, resolute decisions.
Knowing your new asset's ins and outs is critical in any investment. But it's even more crucial when buying a home. Understanding the asset takes specialized knowledge and your family's well-being depends on its success.
Our clients have shown us that having the proper information backed by reliable sources gives them the confidence to make bold moves. Whether increasing their offer or walking away from a top contender, knowledge is power.
2. Trusting whom you work with is vitally important.
If accurate information is crucial, then it's equally important to trust the people you work with throughout your home purchase experience. You need to be able to trust:
? Their understanding of the market or home.
? Their willingness to tell the truth.
? Their dedication to finding the truth.
Real estate agents, inspectors, and contractors who are uninformed or prefer shortcuts for personal gain are unacceptable partners during a home purchase.
3. Value is in the eye of the beholder– which means different things to different people.
Buying a home is an incredibly personal experience. Just as no two families are alike, there is no one ideal situation for every home buyer. So while the market may value certain aspects of a home higher than others, those homes may not be worth the price to you.
Our clients are happier working with real estate agents who prioritize the client's wish list rather than an urgency to close a deal. In fact, this respect is a critical aspect of building a trusting relationship.
4. Constant communication is crucial to accomplishing expectations.
While the home purchasing experience has been faster than typical trends once an offer is accepted, the shopping experience continues to be long and varied. That means your original expectations and needs will likely evolve throughout the process.
Home buyers should have high access to their real estate agents, working with agents who expect changes. The sad part is that we miss our clients after they close the deal because they've become such a regular part of our lives.
5. Our impact as realtors is higher than we realized.
The final lesson from 2022 that we learned from our clients is our own worth and value. We should never undersell our commitment or results because our tested history has proven extremely valuable to our clients.
We prioritize the highest customer care possible, and it shows in our ability to get our clients what they want most.
Looking to Buy a New Home for the Holidays?
The 2022 market is nearly at a close, but there's still time to get into your new house before New Year's! Contact our team at Adelson + Weiss to find your ideal property in Toronto.