New Normal

New normal. Don’t you just despise this phrase? Its become so cliche.

But I cannot think of a better way to describe to you what is happening in the real estate market.

In 2021 I could literally list a house and expect multiple offers (over asking) within days. That was the norm. The rates were historically low and buyers were chomping at the bit.

Reset. New normal.

Homes that are priced correctly are getting one (maybe two) offers within 60-90 days of listing.

That seems like a really long time to be listed but let me tell you. When I first started in real estate in 2004 I had some homes listed for YEARS! Literally years.

So while it might seem like the bottom has fallen out of the market it really hasn’t. We are all just adjusting to the new normal.

Real estate markets ebb and flow. We wouldn’t ever expect it to stay static. And buyers remember, the interest rate on rent is 100%

Was three years ago a better time to buy a house? Maybe - the rates were lower. BUT, buyers waived home inspections, paid over asking, covered appraisal gaps, etc.

And you can’t beat yourself up over something that you can’t change.

I’m encouraging both my buyer and seller clients to not wait. Don’t wait for rates to change, don’t wait for prices to come up or down, don’t wait on what the economy is going to do.

This is YOUR time. Do what you need to do because I don’t have a crystal ball and cannot advise you on the future with any kind of certainty. Even the so called “experts” are just guessing.

Get micro on your life, not macro. Make sound decisions that are impactful for you and your future. Cut out the noise and DO YOU!

With gratitude.