For most people, their largest financial asset is their home. Homeownership is a significant investment for many individuals and families, and the value of their home often represents a substantial portion of their overall net worth. Other common financial assets that people may have include retirement accounts (e.g. 401(k) or IRA accounts), investments in stocks and bonds, savings accounts, and valuable personal property like vehicles or jewelry. When people have financial assets such as stocks or retirement accounts in their portfolio, they turn to their financial advisor for advice. Maybe someone will turn to a CPA if they need advice on their taxes. Most people would know to contact an Attorney if they had questions on legal matters. Where do they turn when they have questions on their real estate market? To your Trusted Real Estate Advisors at The Thompson Group, of course. There is plenty of real estate “advice” on the internet and in the news, and many people turn to their real estate consultant only if they want to buy or sell a home. Are the internet and national news sources really the best resource to research your real estate market? Is the market the same in all parts of the country? Why not make an annual appointment with your local real estate advisor who knows the local market and can give you accurate information specific to the Estes Park area. Every time a home sells in your neighborhood it affects the value of your home. Local lenders have new products, new design trends come out every day, and you may be considering which home renovations return the best value for the dollar spent. Changes in the local real estate market are not the same change you see on the national news. When do you need real estate advice? When you’re first starting to work with a real estate advisor or considering a major real estate transaction, it’s a good idea to have an initial consultation to discuss your goals, preferences, and the current market conditions. This can help you establish a working relationship and set expectations. Depending on your level of real estate activity and your advisor’s recommendations, you might schedule regular updates. This could be monthly, quarterly, or annually, depending on factors such as market volatility and the pace of your real estate investments. You should always meet with your real estate advisor prior to making significant real estate decisions, such as buying or selling property, refinancing, or making substantial renovations. These consultations can help you make informed choices based on your advisor’s expertise. Stay information about market trends and conditions by attending periodic market update meetings or receiving reports from your advisor. Meet with your advisor when you have questions about tax implications, legal matters, or estate planning related to your real estate assets. Consult with your real estate advisor whenever you experience significant life changes such as marriage, divorce, the birth of a child, retirement, or a career change to adjust your real estate strategy accordingly. Ultimately, the frequency of these consultations should align with your goals, the complexity of your real estate portfolio, and any changes in your financial or personal circumstances. Open communication with your advisor is key to ensuring your real estate investments continue to support your overall financial objectives. The Thompson Group is always available to provide real estate consultations, or with any real estate needs you may have. Call or email us at (970) 480-7820 or Team@EstesParkHome.com to schedule a time to meet. Thanks for “listening.” We hope to hear from you soon.
