The current state of the market!

As you, my clients and friends, are always interested in the current Real Estate market, I have made it a habit to give my take from time to time. Informed by national and local trends, my colleague’s experiences and my own observations by being ‘in the trenches’ each day, I have a unique and direct viewpoint of what’s actually happening vs what the Media reports for clicks.

In the price ranges above $5m and especially above $10m, I see A LOT of homes not selling and instead being offered for lease. Owners of these homes are somewhat more isolated from common economy worries and can afford to hold these properties through different real estate cycles. Instead of adjusting the price, these owners prefer to lease the homes out for a couple of years (Interestingly, the market above $40m is quite on fire! Several recent acquisitions have taken place and likely will continue throughout the rest of the year.)

While the $2-5m market is currently in an adjusting phase, the market below $2m is largely unchanged from the crazy times earlier in the year. Especially homes in the $1.5m range still draw multiple offers if they are in a good location, are in good condition and have an advantageous floor plan.

A lovely 1^st time buyer couple of mine is right now confronted with 8 other offers on a house they offered on. The property will likely go $150k to $200k over asking price, based on the strong response from the market.

Buyers are realizing that the current – higher – interest rates will likely not last forever and are planning to refinance when rates further adjust downwards by next year.

Every family has their own unique circumstances and needs. Please reach out for a more in-depth conversation on how I can help you accomplish your Real Estate goals!