Cliff and I are off to Egypt this week, so today's blog is my last of 2022. (Time to float on the Nile.) In light of my impending date with the sphinx, what better way to end the year than by looking back at 2022; a year that started out hot and heavy and ended decidedly cooler. (Grab a cozy blanket and some warm cocoa.)
Given that most people prefer NOT to move during the holidays, the market is seasonally quiet; however, what's less typical is that we expect to see this slowing trend continue well into 2023. In fact, the ballast may not return to the marketplace until 2024, according to many industry experts.
Sadly, I received a call from a friend who recently lost her loving and devoted husband of 51 years now and needs a current real estate valuation for her exceptional family home. Known as a "stepped-up basis," evaluating a home for value involves a quick walk-thru of the house, a discerning eye, a deep-dive market analysis, and ultimately a REALTOR'S®/Appraiser's professional opinion. However, the time to get a "stepped-up basis" is limited. Consequently, the estate attorney's sage advice to act sooner, rather than later to establish a new base value is timely. . . and Sarah and I are more than happy to help.
For those unfamiliar with the concept, a "stepped-up basis" creates a new baseline value for a property, as opposed to the purchase price on the tax records, often from years ago. . .
Julie Gardner, has been writing The Perspective for 18 years and has published more than 750 humorous but always informative, essays on life and real estate.