I Love The Springtime!!
Monday Jun 13th, 2022
Thoughts From Judy Stacee-Cleaver
Broker of Record, FRI, ABR, ASA
I Love The Springtime!
One thing about Real Estate is that it is never dull and always changing.
I bet if I took a survey, most people would say they were really uncomfortable with rising house prices.
I know first time buyers were.
Even the banks, mortgage companies and home sellers had apprehension about how quickly prices rose and how long they would last.
Ideally, those who bought and sold in the same market were still in good shape.
There were shades of April 2017 when we had the boom...it took 3 years to get back to those same prices.
But something happened along the way. We had a pandemic. The pandemic of all time! The world's population was recorded, scanned and noted.
All the while, sales and prices kept climbing. The banks and low interest rates were partially responsible.
Money was no object , even the stress test didn't stop buyers.
With many industries such as travel, entertainment and hotel dining taking a huge hit, Real Estate was considered safe, or so it was thought.
Then, almost like clockwork, the rules, regulations and restrictions brought about by the pandemic changed, and we were allowed more freedom.
So came the end of a crazily priced housing market.
Where do we go from here? That is the question. We are now going to see adjustments all around.
Change: welcome it!