JASON’S “REAL TALK”

The real estate market remains very strong, and this seller market continues to chug along. The price point dictates the reality for buyers and sellers in this market. The usual impacts of larger buyer pools in the lower price points are exacerbated during this current market climate. The story is essentially the same as it has been for the last six months or so, low interest rates, changing preferences, and a lack of inventory has led to climbing prices and bidding wars on seemingly every listing. There are some initial signs that buyers may be pulling back due to prices (affordability) or because they just don’t want to deal with this crazy market (it can be incredibly frustrating and stressful to be a buyer right now). We believe that a normalization of the market may happen in the next 9-18 months, but is very much dependent on several factors with interest rates being the most important. We’re watching buyer activity levels, prices, mortgage rates, lumber prices, and any further fiscal stimulus.