I feel comfortable admitting to you that I am getting pretty jiggy without my usual renovation fix to carry me through. While I generally do a darned good job hiding from the news, it’s evident that several things are happening that are going to put the kibosh on, if not my hunting efforts, at least the actuality of a purchase and potential renovation. You see, my desire to do it, even if it’s not good for me is so inexplicably compelling that I may need to be held down. I think it’s fitting that I riff on Oliver Hazard Perry’s famous sentiment when I say, “I have met the enemy and it is me”. Hazard indeed.
In the News external problem No. 1: interest rates are going up. I did search for a property with a renewed fervor from the start of the year, knowing what The Fed was up to, and hoping that I could get a property under agreement prior to the first rate hike scheduled for sometime in March 2022. I did not succeed. You see I have my own internal problems that are reeking havoc on my ability to buy. I was burned on my last property, not badly, not a third degree burn or anything as serious as that, but enough to be cautious in this heated market. There were two one bedroom properties that I loved, one of them I made an offer on, but many others wanted it more. A whole lot of cash makes its way to our city and it’s not my kind of cash, it’s the kind of cash that doesn’t bother to consider interest rate hikes because they don’t subject themselves to them. Damn you cash buyers – I hope to be you someday!
In the News external problem No. 2: war. This is a heartbreaking injustice on so many fronts. Lives lost, upheaval, displacement, nations aligning as the dark curtain of divisiveness is drawn across the globe. This type of unrest does not scream optimistic time to buy. My second problem stems from my age and the volatility of the markets. I’m losing big when by all rights I should be sliding into stabilizing stocks or bonds or whatever will carry me into retirement.
External Problem No. 3: Supply Chain and let’s go ahead and throw in labor resource challenges while we’re at it, and combine it with my own internal issue – I can’t leave even the best of properties alone. I have to have it my way. I have to rip and tear, tweak and squeak it into my own version of perfection and that is going to cost you in this market, I don’t care how patient you are, which I am not at all, it will cost you. What a pickle I’m in. If you’ve got any advise at all, now is the time to give it.