Quality of Life and Real Estate Choice

Looking back on life, in those moments when you ask the big question: "What's it all about?" it's funny how that answer changes. Early on it was probably all about that new bike for Christmas. If you could get so and so to go out with you. How many beers you can drink in one night. Being a friend. Being a spouse. Being a parent. Saving mankind...etc...

I think that it comes down to Quality of life all along. What that new bike would do for your quality of life. What being with so and so, or how many beers, would do for your quality of life. Therefore, I thought it was worth writing an article about Quality of Life through Real Estate. Since most peoples largest financial decision, and the place they will experience all these other events as time passes, involves Real Estate, why not think about how it will impact your Quality of Life.

Based on the title of this article, let's start with that... What Quality of Life do you want? A relative of mine is a good example. Her and her husband asked me about a couple homes they were looking to buy in Northern California. We grew up there, and this relative had strong ties to San Carlos. They had just gotten married and thought the next step was to buy a home. One of the first questions I asked her was, "How do you two want to spend the next 5, 10 and 20 years of your life?" She replied, "I'd like to travel and enjoy a simple life." I asked, "Can you do that if you buy a home for this price in this area. Will you have the money and time to travel?" Her answer was a simple"No". "Then, you should probably talk this through and look at different options" I told her. Sure enough I got a call a few weeks later they decided to look at homes up in the Napa Valley area. There, they could get more home for a lower price, be closer to activities they enjoy, still be close to their work in S.F., and in a community they felt offered a better quality of life. Months later now, I have received dozens of Thank You's.... they love their life in Napa Valley all because they took some time to really look at how they want to live. And yes, they get to travel...

When I work with clients in Corona Del Mar and Newport Coast it is easy to see why they choose to live here. The same reason I choose to live in this area. We have great weather, great shopping, restaurants, marina's and of course...the Beaches and Ocean. It all comes down to quality of live. We have to pay the higher prices to enjoy this quality of life, but we gladly make that sacrifice for each day we look out at the Ocean and dream. For each moment watching the boats sail by. For each day we can still BBQ in December. For our amazing quality of life.

If you are looking to move to Corona Del Mar or Newport Coast, or are ready to make a home change, take a moment to think about how you want to live. Do you want to have an up close ocean view property in Corona Del Mar? Do you prefer to have a larger lot and want to sit up on a hill in Newport Coast and look out over the greater coastline? Is your budget set for a nice condo in Corona Del Mar village area, where you can walk to shops and other destinations? How much energy and time do you want to spend working in a yard or on a home? This area has so much diversity to offer, it can make purchasing Real Estate even more frightful. Take your time and ask yourself, "How do I want to live? Where do I see myself in 5, 10 and 20 years?" Then, make sure your agent is on board with your goals and get out there and look at all of the great Real Estate this area has to offer... with prices the way the are... now is a great time to take advantage and get that home in Corona Del Mar or Newport Coast.

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Buy Low - Sell High

I was talking to a client over the weekend about the Real Estate market, and since I agree with him, I wanted to pass along my thoughts. We were talking about Real Estate in Corona Del Mar in particular, but it applies to all areas with high demand, like Newport Coast well. Everyone knows the old adage about getting rich..."Buy Low and Sell High", and we were talking about how so many people do this wrong. There are a lot of factors to to all this for sure; like loan availability and the state of the financial markets, and everyone has their own goals, timing and needs, but the premise still remains. It is best to "Buy Low and Sell High". If you are able to, it is best to align your purchases and sales throughout your life according to these market cycles.

With that in mind, it is a bit of a shock to see so many people do the opposite. So many people sit on the sidelines for years hearing the stories of how "everyone else" is making so much money off Real Estate purchases. These people wait and wait and keep hearing stories from friends, relatives, co-workers and the news how prices are going up and housing is HOT. Once this hits a fevered pitch, and it seems like everyone else is buying properties, holding for a year and making a killing! This is when so many people finally decide to give it a try. They start looking at homes and decide to make a purchase or get that investment property.

The problem with some of these purchases, is that the cycle then changes. The prices don't appreciate for some time, and then start to weaken. Over the next year or two, prices are falling and things are getting worse. These same people then hear stories of doom and gloom and how terrible the market is for Real Estate. They hear how everyone else is trying to Sell and needing to cut prices just to unload that property. Then they get scared that things may keep getting worse, and they decide to put their home up for sale. Eventually it sells for a loss, and they vow to never trust Real Estate again.

I have met some people who have fallen into this cycle a few times actually. They seem to always buy too late or sell too early. They buy at the top with all the hype of a hot market and get overcome with fear and sell at the bottom of a soft market. I want to just bring out the old adage once more in hopes that it will stick with you all. "Buy Low and Sell High". If you can time your purchases in life to align with these cycles, you will do well. We are in one of those very exaggerated market cycles right now. I don't know if today is the best deal in Real Estate purchases for Corona Del Mar of Newport Coast, or if that day will be 6 months from now. But I do know, we are definitely well along on that downward curve. So if you are at a time in life where you are thinking about a new home purchase or investment, I certainly don't think the news should scare you off. There is no doubt we are "Low" right now, and according to the adage, that means it is time to "Buy"... then we'll see you at the top in the "Rich" family.

Corona Del Mar - Newport Coast Homes

Quality of Life and Real Estate Choice

Buy Low - Sell High