{"id":1385,"date":"2015-09-26T16:05:37","date_gmt":"2015-09-26T20:05:37","guid":{"rendered":"https:\/\/www.beingbobblog.com\/?p=1385"},"modified":"2015-09-26T16:14:23","modified_gmt":"2015-09-26T20:14:23","slug":"yogi-isms","status":"publish","type":"post","link":"https:\/\/beingbobblog.com\/happy-holidays\/yogi-isms\/","title":{"rendered":"Yogi – isms!"},"content":{"rendered":"
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\"yogi-berra\"<\/a><\/p>\n

Through the years, I\u2019ve enjoyed quoting New York Yankees<\/strong> catcher Yogi Berra<\/strong> in many of the market presentations I make, especially at key baseball-related times of the year, like opening day and October pennant races and the World Series.<\/p>\n

In a tribute to Berra\u2019s passing this week, I offer some favorite quotes that apply to insights I can share about housing.<\/p>\n<\/figcaption><\/figure>\n<\/div>\n

\u00e2\u20ac\u02dcYou can observe a lot by just watching\u2019<\/em><\/h2>\n

I watch real estate trends daily, but I learn the most when I\u2019m out of the office\u00c2\u00a0talking to people\u00c2\u00a0about what\u2019s happening in their neighborhoods. All housing is local, so the neighborhood is really where the action exists. There\u2019s no match for getting out there and talking to neighbors.<\/p>\n

\u00e2\u20ac\u02dcWhen you come to a fork in the road, take it\u2019<\/em><\/h2>\n

Buying a home is a very personal decision, influenced by financial and qualitative considerations. You\u2019ll have many choices of home type, neighborhood, how much to put down, and what type of mortgage to use. In most cases, there won\u2019t be a clear best choice. So, the most useful piece of advice I can give anyone is to find an expert local Realtor to help you choose the best fork for you.<\/p>\n

\u00e2\u20ac\u02dcNo one goes there nowadays, it\u2019s too crowded\u2019<\/em><\/h2>\n

Prices continue to rise this year, especially in the hottest markets, as supply is very thin relative to demand. As a result, homes for sale get snapped up quickly and many listings receive multiple bids. But the demand is real in these markets, driven by household and job growth, and strong growth in incomes by the households who are looking to buy. As long as the economic growth remains robust, don\u2019t expect demand to weaken substantially beyond the normal seasonal decline in the fall and winter.<\/p>\n

\u00e2\u20ac\u02dcA nickel ain\u2019t worth a dime anymore\u2019
\n<\/em><\/h2>\n

We\u2019ve experienced another year of above-average price appreciation, as\u00c2\u00a0a result of demand outpacing supply. The increases brought us back to a new nominal record for the median existing-home price in June, but on an inflation-adjusted basis, prices remain about 20% beneath the peak in 2006.<\/p>\n

\u00e2\u20ac\u02dcIf the world were perfect, it wouldn\u2019t be\u2019<\/em><\/h2>\n

Like snowflakes, no two homes are the same. Even if they\u2019re built by the same builder, on the same street, they will have subtle differences caused by variations in the land upon which they sit. In addition, homes are not built by robots in sealed, controlled factories. As they age, the variation in features and when key components were updated becomes very hard to predict.<\/p>\n

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Because real estate is physical, assessing values and market prices requires informed local insights about the specific home and its features and condition. Be careful of any form of automated price estimates and market reports derived from them, as they assume the data are perfect and the computer model knows everything it should. I can assure you that the data aren\u2019t perfect\u00e2\u20ac\u201dand never will be\u00e2\u20ac\u201dthanks to the uniqueness of homes.<\/div>\n
<\/div>\n<\/div>\n
If you have a favorite Yogi-ism, please share it in the comments section.<\/strong><\/div>\n
<\/div>\n
\"Bookmark<\/span><\/a><\/strong><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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